4 Things EVERY Renter Needs to Consider

If you are a renter I bet you have had to decide more than once “Do I keep renting for one more year or do I finally purchase my own home?”.

This answer is always going to vary based on your current situation and short and long term future plans…..however, there are a number of benefits to owning a home that every renter should at least consider.

Here are a few things every renter should consider before signing another year lease:

1. RENTS ARE RISING QUICKLY

Rents increasing each year isn’t a new concept. Rents are still on the rise and since COVID have been increasing even more rapidly.

2. RENTERS MISS OUT ON EQUITY GAINS

One of the most significant advantages of buying a home is the wealth you build through equity. This year alone, homeowners gained a substantial amount of equity. As a renter, you miss out on this wealth-building tool that can be used to fund your retirement, buy a bigger home, or even achieve other personal goals.

3. HOMEOWNERS CAN CUSTOMIZE TO THEIR HEART’S CONTENT

This is a huge point to consider If you love to paint, renovate and make home upgrades. Homeowners get to truly make their home their own.

4. OWNING A HOME MAY PROVIDE MORE MOBILITY THAN YOU MAY THINK

Some people choose to rent because they feel it provides them greater flexibility to move for any reason. Although selling a home may take more time than just finding a new rental, you can sell at anytime (not locked in for a period of time as in a lease) and right now houses are selling faster than any other time in history. 

BOTTOM LINE:

Deciding if it’s the right time to buy is a personal decision. However, if you’d like to hear just a little bit more about all the benefits to homeownership, reach out to me for a no obligation consultation.

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