Owning your own home has many advantages over renting. If you've been debating, here are five of my favorite arguments to ditch your landlord and call me up! ☎️
1. It's Cheaper 💰
So yes, it can more expensive at the very beginning to get started but your payments are much more in your control. Interest rates are low right now and you will know what your mortgage payment is going to be every month for the next 30 years. That will not change without you choosing to do so (refinance). Rent hikes are not uncommon today. Your landlord can raise your rent every year if they feel like it-- forcing you to either pay more or get up and move elsewhere.
2. You build equity ✅
Instead of your money disappearing into your landlord's pocket every month, you will start to build equity. Equity is your share in the value of your home-- so the difference between what you owe on the mortgage and the market value. Market values have continued to increase in the past few years, giving many homeowners more equity in their homes without even doing any improvements! Now this doesn't always happen, but if you own it long enough, it will. Why pay someone else's mortgage and contribute to their equity?
3. You can do what you want 🤷♀️
Are you sick of those orange carpets from the 80's? How about those green laminate countertops? Update your home to your tastes! Always wanted that purple kitchen? Do it! (Although I don't recommend it for resale value...) You can add an addition if your home is getting too small (adding to your equity here too!) There are no rules when you own. Create your DREAM HOME! 🏡
4. Security 🔐
You don't need to worry about getting evicted for factors outside of your control. You could be the best tenant ever, that doesn't mean your landlord won't kick you out at the end of your lease. They could sell or choose to do some major rehab, leaving you to find a new place to go. When you own your own place, you put down roots in a community and start to build strong social ties. If you're looking for stability, buying a home is the way to go.
5. Pets are allowed 🐩🐕
Ah yes, we all love our furry friends! One of the main reasons I bought my first home was so that I could get a puppy and I know that I am not alone in this. Your pet (or future pet) is begging you for a nice big yard to trot around in. There are so many rules when you rent and I don't know about you, but I had had enough of it! Best of luck to you finding a rental that allows dogs...
If all of this makes sense to you 🤔 reach out to me! I understand that each persons circumstances dictate what is best for them. I'd be happy to go over your personal situation and advise you on what I think you should do 👩🏫.
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