As we ring in the New Year, a time of contemplating goals for the year ahead is at the forefront of thought. With this anticipatory planning comes an unavoidable question most will have to face at this time:
Is it better to own or rent?
You’ve come to a fork in the road and it’s time to break out the pros and cons list and make a decision about whether it’s better to own or rent. It’s no secret that the choice between buying a home and renting is among the biggest financial decisions that many have to make, and unfortunately, there is no cut and dry answer.
The costs associated with each are varied and complicated, making it hard to tell which is a better deal. Owning and renting each have their advantages, but what’s best for you will ultimately depend on your circumstances.
For years, the belief was held that renting was always better than owning. Renting brings more financial and career flexibility, it’s less risky, and you don’t have to throw down a tremendous amount of cash upfront. Sounds like a pretty sweet deal, right? However, when you zoom out and look at the big picture, the truth is that owning may be a better option than renting.
The flexibility of renting might sound alluring, but what’s the opposite of flexibility? Stability. And when you own a home, you have more stability in your life. Costs are predictable and more stable than renting because they’re ideally based on a fixed-rate mortgage.
Plus, it’s important to note that homes typically increase in value, build equity, and can even provide a nest egg for the future. Owning a home is part of the American dream. There’s pride in homeownership, which also closely ties you to your community. So not only will you build equity when you purchase a home—you will also build community.
Owning a home is a huge commitment so before jumping in, consider if you are ready to make a lot of decisions, from picking an agent to picking paint colors. Taking care of your biggest investment can be gratifying, but only if you’re ready.
If you decide you are ready to be a homeowner, one of the first steps to take is touching base with a mortgage loan officer. A mortgage loan officer will be your advisor, guide, and saving grace throughout the entire home buying process.
As a mortgage loan officer, Joe Daniel keeps the process of securing a mortgage easy breezy, so you can spend more time basking in the glow of your new homeowner status. Joe can help to make one of life’s biggest decisions a lot less stressful by simplifying the process, keeping you in the loop every step of the way, and getting you into your new home as quickly as possible! Contact Joe Daniel today!