Not only are interest rates low, but rents are going up. It is a good time to buy and The Lawhead Team would like to share our reasons with you!
A few years ago home ownership was a much scarier concept because of the mortgage crises and economic meltdown leaving many homeowners under water. But hold on just a minute, the great American dream of owning a home is making a comeback and it is the time to buy.
Reports show that in many parts of the country rents are rising while housing prices are falling which makes home buying more affordable.
Here are some benefits to owning rather than renting:
Forced Savings – When paying your mortgage, homeowners are putting money away into their house which they own, instead of paying for someone else’s mortgage if they were to rent. If you sell your home and your home is worth more than when you bought it, there is a good chance you will walk away cash in your pocket from equity of the home.
Second Line Of Income – If you have a separate entrance, extra driveway space, etc, you can rent that area out. In some areas, homeowners even rent out small patches of grass for people who want to grow vegetables.
Energy Efficiency – There are many ways you can make low cost improvements within your home to save on monthly utility bills when you buy. You can add solar panels, install an energy efficient roof or upgrade your air conditioning unit to save overall in utility bills.
Customize Your Area – No need to get approval from your landlord to knock down a wall and make a larger master bedroom. When owning your home, you have the freedom to do whatever you’d like to change and improve your home.
No Landlord – Sometimes when renting the landlord may be forced to evict you should he sell the home, rent to someone else or otherwise end the lease. If you have a fixed income, in particular, homeownership is the way to go, especially if you plan to stick around for a while in that area.
Ready to buy your new home? Contact The Lawhead Team to get started!