Are you currently renting? Maybe thinking about the day when you’d be able to afford a home for your growing family or wanting to put down permanent roots here in the Treasure Valley? Maybe you’re not sure if buying a house is the best move right now, finances and opportunity seem tight these days for everyone. Let me share something that could change your mind about owning a home versus renting one over this next year.
Rent for a property could be catching up with a mortgage. In other words, it might be prudent to buy a home now and make an investment instead of sinking money into rent each month. In the past, it was simpler to tell if you should buy a home or rent one to save money. You could calculate how much you would save if you rented and then save up that money for a down payment someday. Nowadays, rent in many places is equivalent to or very close to a mortgage payment, meaning that all of the money you’d pay in rent each month could be instead going to something that would be fully yours someday or bring you equity if you sold it in the future.
Mortgage payments are generally stable month-to-month, while rent can change drastically if your landlord raises the prices on a whim. Owning a home can also give you tax benefits, and if you have or want to move in the future, you would have more time to make a decision instead of being kicked out of where you are renting. These are just a few of the reasons to think about owning a home instead of renting. Of course, you should always consider hidden homeowner costs, your finances, and make sure you’re not getting in something that’s well over your head. Contact any of us at TV Idaho Real Estate and Property Management, we would be happy to help you with any questions you might have about your dreams of home ownership.