So you’ve saved up enough money for a deposit on a new home. But you’re getting cold feet about buying. Or maybe you’ve hit a wall on your home search. Whatever reason you have, we’re here to remind you of the reasons why you considered buying in the first place!
With a fixed-rate mortgage, you won’t have to worry about your monthly payments from fluctuating. Unlike when you’re renting, landlords have the ability to raise your rent every end of lease period.
Additionally, there are several options available to help home owners when it comes to their payment. Homeowners may be eligible for certain tax benefits that are otherwise unavailable for renters.
If you think you’ll be moving soon/frequently, then renting might just be the perfect housing option for your current situation. While flexibility is a good option to have, if you’re not looking to move too frequently then the point is moot.
In addition, this flexibility can cut both ways. When you’re renting, your landlord can decide to sell your home to developers or just raise your rent to a price above your budget (and you’d end up having to move).
The biggest pro that we can sell you with buying your own home is being able to *OWN* your own home. You are getting the freedom to do what you want with your own home. You can renovate the kitchen however you want without having to worry about your landlord. And you can do what you want with your front yard without criticism from your neighbors. Your home is yours!
But not just that! Aside from owning a tangible asset, you’ll be reaping intangible benefits as well. Through homeownership, you’d get a sense of stability and the pride of owning your home.
Aside from a couple of initial fees here and there, the beginning of a rental lease is pretty straightforward. There are way less initial costs to consider when you’re renting compared to purchasing your own home. Which can be daunting when you think about it.
But that’s exactly what it is – an upfront benefit. Down the line, you’ll be facing the same expenses, the same issues as buying a house without the possibility of growing equity on your own home.
Which brings us to our final point – buying a home will allow you to grow your own equity. Purchasing your own home can be a very good investment. Unlike with renting, where your chance of growing your investment is 0%, you can make money in the home you purchased if you ever decide to sell it in the future.
But just as with other investments, your equity would depend on a number of factors. Things like location, maintenance, and the economy can affect your home’s overall value. Luckily, these are things we can always consider and plan on before making a purchase.
With the right information we can help advise you to make sure you get the best chance to build equity.
The Beacon Group is a client-driven real estate team working in Greater Boston to help clients buy, sell, and invest in real estate. We provide straightforward, analytical advice, empowering clients to make successful and informed decisions. We provide our buying clients with constructive insights, allowing them to identify the right property and enabling them to make purchase decisions with confidence. Our recommendations to both buyers and sellers are specifically crafted to meet clients’ short and long-term housing and financial goals.