Why Buying a Home Is the Correct Decision Setting Down Roots Everyone wants a place to call their own. It’s no secret that shelter (housing) is a basic human need for survival. With rent rates continuing to increase steadily in most markets — and showing no signs of decreasing — it is becoming increasingly difficult to justify continuing to rent if you have the ability to spend a bit more upfront to own your own home and ultimately build wealth in the long run. While the initial barriers of entry for purchasing a home are higher than signing a lease, the additional upfront cost can be worth it for more reasons than one. A Place to Call Your Own Your options for rental spaces are limited compared to the places you can buy. When you buy a home, you can purchase a space that fits your lifestyle. When you own a home, you are able to customize the property to best serve you and your needs and preferences. You are free to own and keep those cats or dogs that just seem to continue multiplying without worrying about additional fees or penalties. You do not have to worry about upstairs neighbors seemingly practicing parkour in the late hours of the evening. The lifestyle of homeownership provides for you a level of freedom, privacy, and opportunity that any type of rental can’t come close to. Valuable Asset In addition to securing an overall higher quality living arrangement when you own a home, you also set your household up in a position to grow generational wealth. Through long-term appreciation and sweat equity improvements invested into the property, you are able to realize the benefits of homeownership real-time on a daily basis, as well as if and when you choose to utilize the equity that it will surely build over time. The money you pay toward rent is simply spent, rather than being invested in an asset you ultimately own. On the other hand, when you purchase a home, you pay your own mortgage, rather than someone else’s. When you pay a mortgage, you are building equity, because the money you spend on a mortgage is invested in a valuable asset. All of the money you spend on rent, on the other hand, just goes toward ensuring you have a place to live for another month. Who can say what your rent will be in five years, 10 years, or 30 years time? When you have a fixed- rate mortgage, your interest rate is locked in place. You won’t see large increases in your monthly mortgage. You will be able to anticipate your expenses and plan accordingly. Buying a home is no small decision for any person and deserves a considerable amount of thought and preparation. I always recommend meeting with your Realtor and your Mortgage Lender before house shopping so that everyone can be on the same page, cohesively working to fulfill your goals and needs. After we meet to discuss how you want the process to go and what you are
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specifically looking to accomplish in this home purchase, we are primed for success.
I’m going to be honest. The process may be challenging due to lack of affordability, or lack of inventory; however, I can assure you the extra effort is well worth it.
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