Choosing between renting or buying a home is a big decision. However, there comes a time in a person’s life when becoming a homeowner just makes sense. Of course, the decision to rent or buy can have a lot to do with finances. However, there are other factors to consider when deciding if now is a good time to purchase a home. Here are a few points to consider when making that decision:
1- Freedom to have the home of your dreams
When you become a homeowner, you gain the freedom of being able to do whatever you want with your space. When you rent, you’re often consenting to let your landlord make the decisions about your living space. If you are looking for more freedom within your living space, becoming a homeowner might be the best next step for you.
Buying a home means finally being able to stay put. Committing to staying in one place for a long time is not for everyone. However, buying a home can bring a sense of stability for those looking for it.
3- You’ll build equity
As you pay down your loan, your debt decreases, which in turn increases your equity. When you sell your house, your equity effectively becomes cash. You build equity in two ways: by paying down your mortgage loan over time and through your home’s appreciation. In addition, real estate values tend to rise over time. Therefore, as you pay down your mortgage and your home value increases, you’re creating long-term wealth.
4- Fixed housing costs
When you rent, your landlord could increase the rent when you decide to renew the lease. However, if you become a homeowner, this will no longer be an issue. When you take out a fixed-rate loan to buy a home, you can rest assured your monthly mortgage payments will be consistent throughout the loan term.
5- Historically-low mortgage rates
Right now, mortgage rates are at an all time low. Lower mortgage rates allow you to afford more house for the same monthly payment, or the same house for a lower monthly payment. Right now is a great time to buy!
Looking to buy or sell a home in South Florida?
Contact us now via WhatsApp: +1 (305) 318 6968 (Heloisa Arazi) or visit https://amgrealtymiami.wpengine.com to learn more.