The decision to buy or rent is a big one and different for each individual.
Some people are ready to settle in one place for a while, making a semi-permanent residence a good option.
Others know their career plans or family status will change and aren’t ready to commit… For you, it may be better to rent.
However, there are numerous reasons to buy a home if you are ready. Here are a few:
Assuming a fixed loan, home buyers can rely on a stable housepayment amount. Something they can budget around confidently. Renters may be faced with rent increases each year. Sometimes this means the rented apartment is no longer affordable. Which means searching for a new place, applying, packing up and moving, again. No fun for most people…
No Equity in an apartment:
When you pay a mortgage, you are partially paying off your home – or building equity. The money paid to the landlord is money you will not see again!
Higher net worth
You have to live somewhere and why not live somewhere that can build wealth? The net worth difference between homeowners and renters can be hundreds of thousands of dollars.
More than about Money
The last 2 benefits were finance-based. And they are true. However, owning a home is about so much more than finances.
There are also many reasons the National Association of Realtors gives on the social benefits of homeownership. Some of them include
- higher test scores for children
- higher rate of graduation
- increased charitable activity
You are in control
- Choose to have a pet or pets
- Change the decor or even the floor plans to suit your needs
First Weber sells real estate throughout Wisconsin: Metro Milwaukee and Southeastern WI, South Central Wisconsin/Greater Madison, Central Wisconsin, Northeast Wisconsin. Southwest WI, LaCrosse area and Wisconsin’s great Northwoods. You can start searching for Wisconsin real estate and Wisconsin real estate agents at firstweber.com
Thanks for reading the First Weber Wisconsin real estate & Wisconsin living blog.