Some people don’t have a choice. They simply can’t afford to buy a home at today’s prices. However, there are many people who can afford it, but are choosing to continue renting instead, perhaps forever. After all, as a renter, you don’t spend money on repairs, you don’t need to worry about maintenance, you don’t have property taxes, you can move away when you want to, and you can live in places you couldn’t afford to buy…what’s not to love? While that sounds appealing, there are some undeniable benefits to owning.
➢ When you buy a home, no one will ever kick you out…you’ll always have your place. You won’t be young and carefree forever. It’ll be nice to have a home paid off when you retire. Or a place to plant a garden and watch it mature over the years. The younger you start, the better. And if you’re not ready to settle into one place, then buy now and rent it out. It’s better to have a marker in the game than not.
➢ You’ll have a home where your kids and grandkids feel a sense of stability and community. You can leave it to them when you’re gone, contributing to generational wealth.
➢ You’ll build personal wealth through equity and possible rental income. Even if your home never rises in value, you will eventually own it outright. You’ll have equity that you can use for other purposes, like investment, college expenses, etc. You also may be able to carve out a rental unit to add to your income, provided you buy with that in mind.
The key to gaining these benefits is to “buy right.” Buying right is a challenge involving the right price, the home’s condition, the location, etc.
To have a home buying conversation with me (no obligation at all), call anytime. Or invite someone you care about to call me. ~Valerie, (718) 399-3320