Still not convinced that buying a home is right for you? Here are five reasons that are sure to change your mind.
- Affordability Houses are more affordable now than they have ever been before. Not only are interest rates at historic lows, but houses are also priced at rates nearly for grabs—about 30% lower than their peak. We are truly living in a buyer’s market.
- Stability Buying a home offers stability, not only in your environment, but in your finances and overall well-being as well. In buying a home with a fixed interest rate, you are guaranteed a set monthly payment. This ultimately creates ease in budgeting and financial planning, which is not very likely when renting due to potential inflation increases.
- Control Ownership gives you control in customization of your own home and environment. If there’s something you don’t like, fix it! Buying a home lets you renovate and personalize your home as many times as you’d like to suit your needs.
- Community Long-term stability in a neighborhood produces a greater sense of community because relationships are able to develop. Living in tight-knit communities creates safe and happy environments for you and your family to grow in for years to come.
- Value In month-to-month comparisons, buying a home is more costly than renting one. However, the long-term investment in buying a home is well worth it. When paying rent, you are essentially giving money away to help someone else pay off their loan. In buying a home, your monthly payments eventually result in a home to call yours and an investment property. Homes appreciate on average at 5% yearly; you are bound to gain all your money back and more in buying a home.