Should I continue Renting?

Renting? Here’s Why You Should Start Thinking About Buying Your Home

Renting is convenient, isn’t it? If your water heater breaks, you call the landlord. Pipes burst? Call the landlord. Feel like relocating? No problem! Once your lease is up, you’re free to move about the country.

But rent prices are going up across the country, and it may be time to reconsider home ownership. Here are the top 3 reasons buying a home could be the best option for you.

1. You’ll save money.

Generally speaking, a mortgage costs less than a rent payment. That’s what most people consider when they weigh the pros and cons of owning versus renting. But you’ll save money in ways you may not have thought of.

First, you can modify your home, without the permission of a landlord. You can install energy efficient appliances, even solar panels if you like! In addition to the improvements you can make on your home, ownership also allows you to take tax deductions. You may be able to deduct a portion of your utilities, your interest payments and your mortgage points.

Finally, you’ll save money on the incidentals. Moving costs, furniture that “fits” your rental space and more all add up! When you buy your home, these costs are no longer an issue.

2. Down payments are better than security deposits – if you even need one.

Many would-be homeowners don’t even begin to shop for a new home because they’re overwhelmed by the idea of a down payment. Guess what? Your down payment goes directly toward the sale price of the home. It’s unlike a security deposit, which you may or may not get back, depending on the landlord. Instead, it’s a chunk of money that’s used to reduce your future mortgage payments.

That’s if you need to pay a down payment at all. There are scores of programs that will help you qualify for a home loan with zero down payment. Government programs, for instance, often assist home buyers with down payments, meaning you could move into your home with little to no money down.

If you’re considering purchasing a home, but aren’t familiar with these programs, contact me! I’ll be happy to chat with you about options that are available to you.

3. Buying a home gives you financial options.

If you fall behind on your rent, there’s not a lot you can do. Unless you’ve got a very understanding landlord, you’ll likely be facing eviction, and that eviction happens quickly. If you fall behind on your mortgage payments, however, you’ve got options. You can rent out your home, or a portion of your home. You can apply for a loan modification. You can even start a secondary business in your home, something most landlords won’t allow.

Buying a home is, at first glance, a huge commitment. But it’s actually a more financially sound and secure decision than continuing to rent from a landlord.

Ready to begin shopping for your new home? Give me a call! You can contact me via my Facebook page, or you can call me at [757] 206-2859. Together we’ll determine the best way to get you out of your rental and into home ownership.