Very few people have the luxury to buy a house for someone else. However, that is exactly what you are doing every time you make a monthly rent payment.
With every rent check you pay, you’re helping to build equity in your landlord’s property. That money could be going toward building equity for your own house.
In addition, while you cannot control what you pay for rent, you can control what you pay to live in your own home. Looking back at the real estate market over time, home prices usually go up overtime. But so did rent prices.
Here are a few advantages of buying over renting:
- Equity that builds over time.
- A safeguard against inflation.
- Great investment option
- Tax-deductible mortgage payments.
- The satisfaction of living in a home that you can improve or modify to your liking without worrying about a landlord.
But coming up with a down payment, qualifying for a loan, and finding a suitable home in the neighborhood of your choice can be setbacks to ownership. Deciding between the flexibility of renting and the potential long-term reward of home ownership is on the minds of many would-be buyers.
Remy Owl’s Agents will help you understand and navigate your various options to succeed in your quest.