Why Rent If You Can Buy?

Dated: 03/27/2018

Views: 449

homes for sale lancaster ohio

Why Rent If You Can Buy

Home ownership rates are the lowest they have been in the last 50 years. Yet a large portion of Americans are still renting properties, instead of enjoying a home of their own. Consumer reports believe this is an issue because of a buyer's lack of trust in their ability to purchase. It is still a long standing notion that a buyer needs 20% towards the cost of the home in order to move forward, but this isn't true. With countless down payment assistant programs, and closing cost roll-ins, a home owner could move in with as little as a few hundred to a couple thousand dollars. Which is a huge difference in the time it takes to save up to make the move. 


With interest rates at an all time low, home ownership in today's market is a great investment. The money saved over a mortgage's lifespan can result in tens of thousands of dollars, if not hundreds. That's more money in your pocket today. Don't wait to buy when interest rates soar again. With low interest rates, that means your monthly mortgage payments are at a significantly lower cost, as well. With such a heated housing marketing, rental prices are soaring, and statistics are constantly showing that home ownership can be equivalent to your rental rate each month, if not less. Why get stuck in a small 2 bedroom apartment, if you can move into a home a pay a monthly rate that is the same, and get a 3 bedroom house with a great backyard? 


There is also a fear that a home can keep you "stuck" or "rooted" to one place, without an easy transition out if you decide to move. Although the future of the housing market isn't easily predictable from location to location, you can always discuss with your agent about buying a home in an area that has a strong turn-over rate when a home hits the market. The equity build up when it comes time to selling is going to be far more beneficial, than if you put money into a rental and decided to move. The money from selling the property can be used to purchase a new home. With renting, there would be no additional funds to transition into a new place. 


Now imagine if you were renting a home for $2000/month. If your landlord is renting to make a profit, think how much less you'd be paying on a monthly basis towards your mortgage, if the home was yours. Then you wouldn't be paying a landlord to profit off of you, you'd be paying a reasonable rate, and get to call the property your own. Discuss with your agent and lender the steps you need to take towards home ownership, you might be happily surprised about the type of home you can afford to move into. 


Are you ready to find out if you can make the transition to owning your own home instead of renting? Get in touch! I would love to help you get pre-approved for your own home!

Felicia Nelson, Realtor, Rise Realty & Mgmt Co

Click For My Website - Click For My Facebook - 740-447-0820 (call/text) - [email protected]

Blog author image

Felicia Nelson

Felicia is a social media marketing maven and a veteran freelance graphic developer of 10 years. She has built a solid foundation of expertise and knowledge in Adobe Photoshop and other Adobe Creative....

Latest Blog Posts

Mistakes To Avoid On Your First Buy or Sell

Mistakes To Avoid On Your First Buy/SellIf this the first time you're considering buying a home, or selling your first purchase, there are a lot of possible challenges you can end up facing. Having

Read More

From "I Do" to #Sold

Newlyweds are saying "I do" to each other, and equate to over half of first time home buyers that are also saying "I do" to their dream homes. It makes sense! When you put two hearts together, the

Read More

Why Rent If You Can Buy?

Why Rent If You Can BuyHome ownership rates are the lowest they have been in the last 50 years. Yet a large portion of Americans are still renting properties, instead of enjoying a home of their.

Read More

Don't Replace Your Agent With The Internet

With the influx of new technology and web based solutions, it isn't a surprise that everything is moving fast into the era of the internet. From sites like Uber to Grubhub, we generally can pull up

Read More