Maybe you want to remodel the kitchen, paint the walls, or re-tile the shower, but you either don't have permission, or you know it would be throwing money away. Here are a few more reasons why home owners enjoy more privacy and more security than renters.
When your current lease ends, your landlord will probably raise your rent. Does the new rent fit your expected housing costs? If not, you will be left planning your next move with short notice. A fixed rate mortgage payment may never change, while the ever-rising rent will continue its ascent. [see Top 5 Financial Reasons To Buy Now]
If you rent, you can be told to move at any time, as property ownership or assigned use can change at the whim of your landlord. Once again, you could be making an unplanned move in short order. Wouldn’t you like to be in control of where you live, and for how long?
A rented space cannot be imparted to your descendants. The idea of Home carries a wealth of memories for friends and family, and renters miss the opportunity to leave their home and its legacy for loved ones. It also gives them the above benefits, or leverage for other uses or needs.
Whether you rent or buy, it’s a guarantee that things are going to break. As a renter, you’re at the mercy of property management or your landlord because you don’t have the luxury of managing your own timely home repairs. If you’ve ever been made to wait for repairs, you may have thought you would be better off if you were allowed to handle the job yourself. In your own home, you can act immediately, and upgrade, if that’s what you want. Hiring a professional to make repairs, asking a friend, or even fixing it yourself are all available options.
No more cold showers while the maintenance man is on vacation. It’s in your hands now.
If you’re ready to discover whether homeownership is right for you, find your Benchmark branch, and call today. contact us contact me today. It would be my our pleasure to help you get started.
With more homeowners considering that now may be a good time to sell their home, we thought it would be a good idea to consider whether renting might be a better idea.
According to Fannie Mae’s June 2015 National Housing Survey, 52% of respondents said that now is a good time to sell. Perhaps more interestingly, 59% of respondents expect home rental prices to increase.
Naturally, when you are considering selling your home, and you notice rental prices elevating, you are likely to consider renting. And who wouldn’t? Residual income on an owned asset, or having your house work to pay for itself sounds pretty good, right? This is when it makes sense to ask the question:
Before you jump head-first into the world of being a landlord, take a look at this list. Sometimes what seems to be an obvious benefit can come with some hidden challenges.
If you are prepared to handle the responsibilities that come with being a landlord, renting your home could be a great investment. Historically, renting residential real estate has been just that. However, if you are planning to sell before too long, the responsibilities that can come with renting your home may make any short-term economic benefit not worth the hassle.
Most of us have a pretty good idea about what the American Dream is. In case you don’t, we looked it up:
[quote]“The American Dream is a national ethos of the United States, a set of ideals in which freedom includes the opportunity for prosperity and success, and an upward social mobility for the family and children, achieved through hard work in a society with few barriers.” – source: Wikipedia.com[/quote]
If we carry this definition further, we find that many Americans see homeownership as an important part of that dream. Let’s look at some recent statistics.
Existing home sales in May of this year were 9.2% higher than the same time last year. Home sales in the Midwest and Northeast saw gains of at least 10%.
If the growth of home sales alone isn’t enough to convince you that owning a home is “living the American Dream,” there’s more. Studies have shown that purchasing a home is making an investment that will appreciate over time. What does that mean? Let’s look at an example. If you already own your home, you are enjoying an average of 7.9% gain in the value of your home just in the last year!
In addition to the financial benefit, owning your home is a slice of freedom. No paying rent to a landlord. No sharing an apartment complex floor with 30 other people. It’s yours.
As the housing market continues to show signs of strength, now could be the best time to invest in your piece of the American Dream. Whether you are looking for a home that is worth $100K or $1M, at Benchmark, we are here to welcome you into the rising trend of homeownership. You will receive more than just another set of keys…you will be given the keys to your HOME.
Fact Sources: NAR’s Existing Home Sales Report 6/22/15
