Rent Vs. Equity: Benefits of Buying a Home
| Posted in News, Home Loans
Maybe your Pinterest “Future Home” board is growing, or your “Garage Goals” list is getting longer. You wonder where your future house will be and how to make your house feel like home. The only problem is, you aren’t sure if it is the right time to start looking. If you’re stuck in the middle of “should I rent” or “should I buy,” we’re here to discuss the benefits of buying a home and helping you build your equity.
First, let’s start with the basics – why does building equity even matter? Put simply, equity is useful for many reasons as it can be used to pay off debt, fund home remodeling projects, or pay for college tuition, and it overall enhances your financial portfolio. Buying a home is a great way to build your equity!
What are the advantages of buying vs. renting a home?
Keep in mind, when you pay your rent, that payment is going to build someone else’s equity. When you pay a mortgage, it’s going to YOU and building your equity. Not to mention, you OWN your house! This means you can make updates to make a house a home. So go ahead and paint, remodel, put in a patio and a fence, anything to make your Pinterest dreams reality. You’re in control, not your landlord. Plus, you don’t have to get approval for pets!
In addition to all of that, remember owning a home means you’re diversifying and enhancing your financial portfolio. A big win if you ask us!
Is now still a good time to buy a home?
We know, you’re hearing everything from rising interest rates to inflation and wondering if now is still a good time to buy. Keep in mind that although interest rates have increased, they are still historically low! There will always be something to work around with the housing market. That’s why NEBAT Mortgage Lenders are here to help. Working with a mortgage lender will allow you to customize terms and payments to make sure you’re still able to afford your home. With all the benefits of buying a home, your mortgage lender will present options to help you find the right terms to fit within your budget.
Don’t let interest rates scare you away from exploring the option of owning a home. We navigate the housing market waters every day and will help you through the process.
Meet with a Mortgage Lender
Buying a home isn’t something you do every day, but we do! We can sit down and discuss your current income, budget, mortgage payment goals, and more to guide you in the right direction of your home-hunting journey. We can’t wait to meet you!
