As a renter, you’re constantly faced with the same dilemma, keep renting for another year or purchase a home? Your answer depends on your current situation and future plans, but there are a number of benefits to home ownership that every renter needs to consider. Here’s a few things you should think about before you settle on renting for another year.
Number one, rents are rising quickly. Rent increasing each year isn’t new. Looking back at Census data confirms rental prices have gone up consistently for decades. If you’re a renter, you’re faced with payments that continue to climb each year. Realtor.com recently shared the September Rental Report, and it shows price increases accelerating from August to September.
As the graph shows, rents are still on the rise. It’s important to keep this in mind which time, when the time comes for you to sign a new lease as your monthly rental payment may increase substantially when you do.
Number two, renters miss out on equity gains. One of the most significant advantages of buying a home is the wealth you build through equity. This year alone, homeowners gained a substantial amount of equity, which in turn grew their net worth. Homes went up over 30%. As a renter, you miss out on this wealth building tool that can be used to fund your retirement, buy a bigger home, downsize, or even achieve personal goals, like paying for an education or starting a new business.
Third, homeowners can customize to their heart’s content. This is a big decision-making point if you want to be able to paint, renovate, or make home upgrades– make it your own. In many cases, your property owner determines the selection and prefers you don’t alter them as a renter. As a homeowner, you have the freedom to decorate and personalize, and truly make the home your own.
Number four, owning a home may provide greater mobility than you think. You may choose to rent because you feel it provides greater flexibility if you need to move for any reason. While it’s true that selling a home may take more time than finding a new rental, it’s important to note how quickly houses are selling in today’s market. According to the National Association of Realtors, the average home is on the market for only 17 days. That means you may have more flexibility than you think if you need to relocate as a homeowner.
So bottom line, deciding if it’s the right time for you to buy is a personal decision, and the timing is different for everyone. However, if you’d like to learn more about the benefits of home ownership, let connect so you can make a confident, informed decision and have a trusted advisor along the way. Reach out to us here at Mike Zahn Homes we help find people, the home they'll LOVE!
If you're looking to buy or sell a property connect with us today!