Many people aspire to own a home. With mortgage rates at record lows, homeownership may be closer than ever to your reach.
But is owning a home better than renting? One option may not be “better” than the other. However, there are advantages to owning a home that you may not get from a rental property, including:
- An opportunity to invest: For the vast majority of people, homeownership is their best path to increasing their wealth. You may not see an instant return on your investment. However, you’ll be surprised at how quickly the equity value of your home can increase.
- You won’t have to worry about changing rental rates: How often has your rent gone down from year-to-year? You’re probably used to paying more for your place every time your lease is up for renewal. When you take out a mortgage to buy a home, the interest rate will remain fixed for the duration of the mortgage, which is often for a period of 30 years. As inflation goes up, your payments will remain relatively static, often making it cheaper to stay in your home as time goes by, rather than being held hostage by market rates.
- Security and privacy: A home is your space. You don’t have to worry about questionable people hanging out in your entryway or strangers wandering the halls at all hours of the day. You will also have a space to call your own. You won’t have to worry about loud neighbors sharing your wall. You also won’t have to worry about being quiet for the neighbors on the other end of your space.
Only you can determine whether buying a home is the right move for your situation. If you decide to go forward, realize the significance of your investment. You’ll want to be sure to protect yourself throughout the process. A skilled professional can help protect your interests and guide you through this complex process one step at a time.