If you’re in a position financially to buy a home, you may wonder whether the hassle of going through the process–i.e. finding a home, doing an inspection, securing a mortgage, etc.–is worth it, or if continuing to rent would be better. While the decision to rent vs. buy is personal and depends on an array of factors, here are three reasons why home buying may be more advantageous than renting–
One of the best things about buying a home and making your monthly mortgage payments is that you’ll be saving money without even knowing you’re doing it. To be sure, each time that you pay your mortgage, you’re not just paying down your interest, but also putting money towards equity in your home. And as you pay more of the loan down, you’ll put more money towards equity each time you make a payment. The more equity in your home, the better! When you decide to sell your home at a later date (or pass it on to your loved ones at some point), you’ll have more invested in it.
One of the biggest advantages of buying over renting is that the home will be yours. This means that you can channel any vision that you have for your home into a reality. Want to re-paint? Go for it. Dreaming of a home expansion? Do it. Hate the carpet in the bedroom? Replace it. Whatever it is that you’re thinking about for the space that you call home, you’ll have the flexibility and freedom to do it. This is in stark contrast to your limitations as a renter.
Each year, home and property values tend to rise. This means that home values go up, as do rent prices. If you’re locked into a mortgage, though, you don’t have to worry about those rising rent costs! No landlord will raise your rent–in fact, you won’t have to deal with a landlord at all! (Note that if you secure an adjustable-rate mortgage, or ARM, your interest rates may increase. Be sure that you understand this and talk to your financing institution before committing to an ARM agreement.)
Buying a home may be the best thing you ever do, both for your bank account and your lifestyle. To learn more about homes for sale in Northwest Indiana and how our real estate agents at The Jana Caudill Team can help, please call us directly or send us a message at your convenience.