Rent or Buy? Don't be a fool. Whichever you choose, go in with your eyes wide open. We briefly explore the difference.
Tag: rent vs buy
Grow Roots, Make Memories, and Build Community
Does renting make you feel a little too transient? Is community important to you? It may make sense to become a homeowner. Almost nothing can help you put down roots, be involved in your community, or serve as an automatic catchment for memories quite like owning your own home.
What Pet Owners Should Know Right Now About Buying A Home
What Role Do Pets Play?
61% of U.S. households have a pet or have future plans to get one.
99% of owners feel that their pet is part of the family.
99% of owners feel that their pet is part of the family.
81% of Americans say that their pets play a role in their housing decision.
19% of Americans say they would consider moving for their pet.*
12% percent have moved for their pet.*
*would consider moving, or have moved total: 32%
19% of Americans say they would consider moving for their pet.*
12% percent have moved for their pet.*
*would consider moving, or have moved total: 32%
Housing Demand
With 99% of owners feeling that their pet is part of the family, all pet owners would likely take notice of pet friendly features of a home. Considering that more than half of American households have pets or plan to get one, pet friendly features are a good way to add extra appeal to the majority of families if you are not looking for your “forever home”.
House Or Home
When buying a home, not only is there no pet fee, but it’s also a great idea to highlight what you think makes a home “pet friendly” in order to help with your decision! To get you started, here are some suggestions:
- What kind of flooring does it have?
- How much room will your pet(s) have to roam?
- How easy will it be to keep it clean?
- How walkable is the neighborhood?
- Is there a dog park nearby?
These are just a few examples.
Top 3 things pet owners look for in a home
- Fenced-in backyard
- Dog-friendly areas nearby
- Close to pet stores and veterinarian offices
Keep outdoor spaces and location in mind when shopping for your next home. If you need help getting started, find your branch call todaycontact us today!
All data sourced from National Association of REALTORS Research Department’s February 13, 2017 report: “Animal House: Remodeling Impact” (https://www.nar.realtor/sites/default/files/reports/2017/2017-remodeling-impact-animals-in-homes-02-13-2017.pdf)
Rent or Buy? 4 Things to Consider
Housing Cost Control
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]
Location Control
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?
Family Wealth Security
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.
Timely Repairs
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.
Is Owning Right For You?
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.
Top 5 Financial Reasons To Buy Now
Increasing Prices
Over the last year, home prices have increased by 7.1%, according to CoreLogic’s latest Home Price Index (HPI) report. Over the next year, the HPI also predicts that prices will continue to rise at a rate of 4.9%. Clearly, we are long past the dip in home pricing. Home values are expected to continue to appreciate for years to come. In short, waiting no longer makes sense.
Anticipated Rising Mortgage Interest Rates
The Primary Mortgage Market Survey published by Freddie Mac shows that interest rates for a 30-year mortgage have drifted around 4%. Experts predict that rates will rise over the next year. The Mortgage Bankers Association, Fannie Mae, Freddie Mac, and the National Association of Realtors project that rates will increase by this time next year. An increase in rates is likely to cause your potential monthly mortgage payment to rise if you plan buy your next home.
Either Pay Yourself or Pay Your Landlord
Some renters who are uncomfortable with the obligation of a mortgage have not yet purchased a home. The reality is that unless you are living rent-free, every rent payment you make is paying your landlord’s mortgage. As a homeowner, your mortgage payment can be considered ‘forced savings’ in that it builds equity in your home that you can use to your advantage later in life. As long as you continue to rent, you will continue to build equity… for your landlord. When you buy a home, the advantage in housing payments is yours. For more on this, read Millionaire Tells Millennials To Buy A Home, published in January.
Rent Control
A fixed rate mortgage payment will not increase over the life of the loan. Rent, on the other hand, will likely continue its historic path. See the graph above from the U.S. Bureau of Labor Statistics, Consumer Price Index for All Urban Consumers: Rent of primary residence, retrieved from FRED, Federal Reserve Bank of St. Louis: https://fred.stlouisfed.org/series/CUUR0000SEHA.
In short, buying a home can help you take control of your housing costs.
It Might Be The Right Time To Act
The cost of a home is determined by (1)the price of the home, and (2)the current mortgage rate. It appears that both are on the rise. But what if they stagnated? Would you wait? Consider the real reason you are buying and decide if you think it is worth waiting.
Whether you want to have a great place for your children to grow up, the choice to keep pets and room for them to roam, you want your family to be safer, or you just want to have control over renovations, now may be the time to buy. If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could result in significant savings.
If you decide that you are ready to act, find your loan officer and applyapply now.