Five Things That Make Buying a House Today the Choice You Should Make

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We all know that interest rates have not been this low since before baby boomers were in control of things – but there is much more to it than just the rate you get when buying a home.  We wanted to share why so many people are compelled to forego the renting option and go straight to owning their own home.  When you combine the low, low prices of homes on the market these days with the interest rates that are as much as five times less than what they were a while ago – buying now makes more sense than ever.

More House for the Same Or Less Payment

Since property owners have to pay to maintain the house, the costs are usually passed onto the renters.  When you own your own home, not only can you afford a bigger house with better amenities, more space and in superior condition but considering todays’ market you can manage it with less out-of-pocket each month.

Better Neighborhood for the Same Or Less Payment

A major factor for families with children going to school, being in a better neighborhood provides added security and the presence of a better school district.  Again, considering the state of our current real estate market, the benefits of buying these days include being able to get into a far better neighborhood than if one was to rent.

Tax Advantages That Facilitate More Money In Pocket

Renters do not enjoy the tax advantages of being a homeowner.  Whether a first-time homebuyer, an energy-saving household or just through the regular homeownership tax deductions, the financial benefits of homeownership far outweigh those of people choosing to rent a home.

Fewer Total Moving Costs

With advantages provided to homebuyers in some mortgage programs allowing as little as 3.5% down or less to get into a home, the total cost to move in is often far less these days when buying versus renting.  Landlords typically expect rent for the first month plus a security deposit equal to first months rent, and pet deposits ranging from 200-2000. Most landlords are not allowing pets, and because the rental market is so busy the landlords can be very choosy.  What’s more, once you do move in there are extra charges to have pets and renters are largely limited through liability as well.


Extended Savings Through Delayed Initial Payment

When you rent a home, chances are that rent will be due immediately.  In fact, most renters cannot even move in until and unless they have paid their dues.  Conversely, depending on when the closing date is, homebuyers are able to get away with as much as 45 days without making the first mortgage payment, which is usually just the payment, real estate taxes plus private mortgage insurance if less than 20% was put down on the house.  Renters would have to pay as much as $3,500 (including security deposit and additional months’ rent as required) depending on their monthly payment amount.
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With rates and home prices as low as they are, if you can afford it and if you qualify – this is a very good time to choose buying over renting.  To find out whether you can qualify for a home purchase, visit your Realtor today.