If you’ve been one of those sitting on the sidelines watching others take advantage of the current influx of great deals flooding the housing market, it’s time to get off the bench and get in the game!
Here are the top five reasons why homeownership is a sweet deal right now!
When you rent you are paying someone else for the privilege of living in their home. You might as well be throwing your hard earned money out the window. You are making your landlord comfortable though, so on his behalf, thanks! While it’s true that initially buying a home will have you coming out of pocket for a downpayment, closing cost (often the seller will pay most of this) and inspections; you will recoup that investment as long as you stay in your home and allow some time for appreciation to occur. This is why it’s called an ‘investment’, you are investing your funds, time, energy and eventually you will reap the reward of ‘equity’. The current recession will end eventually, and historically homes appreciate by about 4 to 6 percent annually. If you doubt this, ask your parents how much they paid for their house forty years ago, and see what it’s worth now!
Renter’s tend to see a high turnover of neighbors in their communities. Many complexes offer limited facilities for neighbors to congregate and hold any manner of social events, which makes it difficult to develop relationships with other renters. Most neighborhoods with homeowners include amenities such as pools, tennis courts, walking/bike trails and often hold community gatherings such as pool parties on special occasions, holidays, etc. where you can get to know others in your community.
When you are a renter, you are at the mercy of your landlord as far as how much and how often your rent will be increased. This makes it hard to do any long term financial planning since your housing expenses are unpredictable. When you own your own home your payment will remain basically the same as long as you get a fixed-rate mortgage. For most buyers this is the way to go; so if you’re paying $800 a month now, you will be paying $800 a month 10 years from now, give or take a little for taxes being adjusted. You can also calculate your variable cost for maintenance and life expectancy of appliances, roof, HVAC, etc. and save accordingly for these eventualities.
Don’t underestimate the joys of homeownership! Since you ‘own’ your home you can finally paint the whole house pink, or purple, or as most renters like to say ‘anything but boring beige’ which has been the mainstay of rentals for many years now. You can have your own garden, put up a fence, a pool, and renovate to your heart’s desire to make your humble abode reflect your personal tastes, and not someone else’s!
I know you’ve heard it before, but there has NEVER been a better time to buy a home! With interest rates at all time lows, SERIOUSLY, you will have missed out on the opportunity of your lifetime if you don’t take advantage of interest rates as low as 4% and possibly even lower. That coupled with the fact that there are SO many BARGAINS out there right now, especially if you are buying a home to occupy. There is a plethora of foreclosure homes flooding the market right now, and if you avail yourself of a saavy agent, who knows how to get the good deal for you, you will be singing their praises for many years to come!
Homeownership can be a real joy. It's time to get off the sidelines, and into the house that is perfect for you now! If you are looking for a professional Realtor who can get you into the home of your dreams, give Winter a call at 678-463-3173. You will be glad you did!