Why Buying a Home is a Great Idea for You
You are at the time in your life when you are thinking about a place to live. Perhaps you are relocating because of better job opportunities, or your present company decided to move your position to a different location. You may be a college student who just graduated with their degree as you are passing around your CV to interested recruiters so you can seek out a dream career. Another reason why you may be looking for a new place to life is because you recently became married or will be having a baby enter your growing family.
While checking out apartments, you can’t help but notice the For Sale signs in the yards of several houses in the neighborhood. You never really gave home-ownership a serious thought before. With your busy lifestyle and budget, is buying a home a good idea?
Why You Should Consider Home-ownership?
Home-ownership can give you a range of advantages over renting an apartment. By considering these benefits and how they can be applied to your current work and lifestyle, you can decide if it is a great idea for you.
Price of Mortgage Payments Can Be Cheaper than Rental Payments
The national median rental price in 2016 for a 2-bedroom apartment in many cities can cost you over $1,000, as some cities can be as high as $4,000 a month. In 2012, the average mortgage payment for a $222,000 home was $1,061 a month for a 30-year mortgage, not including taxes, insurance and other related costs. Depending on the size of the house you are looking for, the location, and other factors, you may find that buying a home makes more economic sense than renting as you will eventually pay off the loan and own the house outright. Also, keep in mind that rental rates will usually increase annually.
Make Any Changes You Want
When you own a home, you can make as many changes as you want to create the perfect place for yourself and your family. You can add on additions when your family grows or create the perfect outdoor space with an outdoor kitchen to host parties, a swimming pool to cool off, or a patio where you can just relax.
Secondary Income Possibilities
You can also bring in a passive income from your house by renting out a part of it to tenants. If you have the extra space, such as a garage that you never use or a basement that is empty, you can rent it out to working professionals and college students to bring in some extra cash. This money can be placed into your savings to create a nice nest egg for yourself in the future.
There are many arguments out there regarding whether you should buy a home. Home-ownership can be a great idea so long as you think about your current income and expenses when making a home-ownership plan. Then you can find the right house for yourself at the right price that you can afford.