Why Rent If You Can Buy

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 buying options with a Maroney Real Estate Professional and qualified lender what steps you need to take towards home ownership, you might be happily surprised about the type of home you can afford to move into.

Call us today at:  931-389-4673

Author: Maroney Real Estate

As a 2nd generation real estate professional, I take great pride in putting the client first and educating my clients on the process of buying or selling a home, which in turn brings about a stress-free transaction. I feel integrity and open communication are the key to success in a happy client-Realtor® relationship. If you are interested in buying or selling a home in Middle TN and are looking for a real estate professional with vintage values, coupled with the use of today's technology, I'd be honored to hear from you! Let's make your dreams come true together! Professional Credentials: TN Real Estate Broker Accredited Buyers Representative Did You Serve?™ Certified Pro Agent

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