The decision to buy or rent is a big one – and different for each individual. Some people are ready to settle down in one spot. Others know their career plans or family status may be changing and aren’t ready to commit to homeowning yet. In such cases, it is smarter to rent so you have the flexibility you need to move whenever your situation changes.
However, for those of you thinking about buying, there are several reasons it is a positive move for you.
1. Invest in yourself. Owning a home will be one of your biggest assets.
2. Get a pet. Finding a rental place that will allow pets is difficult and sometimes comes with extra charges, too.
3. Less expensive than rent. With today’s low interest rates, it is very do-able to have your monthly mortgage payment on a starter home or small condo be lower than a typical rent payment.
4. Freedom – it’s your space. Tear down walls, rip up the carpet, remodel anything, create a garden. It is your space to do with what you wish.
5. Forced savings and equity. When you pay your mortgage, you are paying off your own mortgage debt and building equity that will be all yours someday.
6. Social benefits. The National Association of Realtors reports such social benefits to homeowning: higher test scores for school-aged children, increased charitable activity, higher rate of graduation.
7. Fixed payments. Assuming a fixed loan, home buyers can rely on a stable house payment amount. Something they can budget around, and plan on. Renters may be faced with rent increases each year at the whim of the landlord. Sometimes this means the rental becomes unaffordable . Which means searching for a new place, packing up and moving… again.
8. Have more outside space – You can have a yard, not just a tiny balcony, if you were lucky enough to even have one of those in the first place.
Convinced and excited to get started? You can read up on some do’s and dont’s here.
And also learn about how having a buyer agent can help you get the home that is just right for you.
First Weber sells real estate throughout Wisconsin Metro Milwaukee and Southeastern WI, South Central Wisconsin, Southwest Wisconsin, Western Wisconsin, Central Wisconsin, Northeast Wisconsin and Wisconsin’s great Northwoods. You can start searching for Wisconsin real estate and Wisconsin real estate agents at firstweber.com
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