As a renter, you're constantly faced with a recurring question: should you keep renting for another year or buy a home? Your decision will depend on your current circumstances and plans. Still, there are several homeownership benefits that every renter should consider.
Yearly rent increases are not a new phenomenon. Historical Census data confirms that rental prices have consistently risen for decades
As a renter, you must cope with payments that continue to grow each year. Realtor.com's September Rental Report highlights an acceleration in rent increases from August to September.
The graph demonstrates that rents are still climbing. Bear this in mind when it's time to sign a new lease, as your monthly rental payment could substantially increase.
One of the most significant benefits of buying a home is wealth accumulation through equity. Homeowners have gained considerable equity this year, boosting their net worth. As a renter, you miss out on this wealth-building tool, which could fund your retirement, enable you to purchase a larger home, downsize, or achieve personal goals like financing an education or starting a business.
The ability to paint, renovate, and upgrade your living space is a significant factor when deciding to rent or buy. Property owners often make these choices and prefer that renters do not alter them. As a homeowner, you can decorate and personalize your home according to your preferences.
3. Homeownership May Offer More Mobility than Expected
Renting may seem appealing because it provides more flexibility if you need to move. While selling a home may take longer than finding a new rental, it's essential to consider how quickly houses sell in today's market. The National Association of Realtors (NAR) noted that, on average, a home stays on the market for only 17 days. This suggests that homeowners may have more flexibility if they need to relocate.
Bottom Line Determining the right time to buy is a personal decision, and the timing varies for each individual. If you're interested in discussing the advantages of homeownership, let's connect to help you make an informed decision and ensure you have a trusted advisor.