Q: Is It Time to Stop Renting?
Renting makes someone else rich; here’s why it’s time to build up equity.
Buying a home can certainly seem like a scary thing, and there’s no denying it’s a huge commitment. That being said, there are three fundamental reasons why real estate is generally regarded as being the best investment a person can make:
1. Freedom. As a homeowner, you can do whatever you want. Do you want to paint your walls pink, or convert your living room into a boxing ring? Go for it; you don’t have a strict landlord watching over your shoulder anymore.
2. Stability. Typically, landlords raise rent every year, and this can force many people to reenter the rental market. Having to find a new spot, drop another deposit, move your things, and sign another lease can be an onslaught of unneeded stress. With homeownership, you’re putting money back into your own pockets rather than someone else’s.
3. Wealth. A large portion of your monthly payment actually goes toward paying down the principle of what you owe on your home; at the same time, the property value is likely to increase, which ultimately builds your equity. You could watch your equity grow, or reinvest it in a multitude of financially prudent ways. Think of a home as an asset with a built-in savings account.
If you have questions about buying or selling a home, feel free to reach out via phone or email. I’d love to review your specific situation, hear your real estate needs, and advise you on the best route forward.
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