Rent or Buy, Which Is Better?
It’s the age old question in real estate: should I keep renting or step up and buy a home? In reality, every situation is different, and there is not one right answer for everyone. Moreover, the multitude of factors contributing to the decision can often be overwhelming and even intimidating. Maybe I can clear it up a bit.
The simple answer to the question is that is overwhelmingly more beneficial to own your home than to rent someone else’s. It is an investment that is yours and one of the safest and most secure investments you can have. Renting will not help you build equity; it helps your landlord build their equity. Equity in your home is something that you can borrow against, and it provides security for you if life changes occur. There are also tremendous tax benefits to home ownership that can increase your savings and benefits.
Here’s a good statistic: Forbes magazine says that it is still 38% less expensive to own property than rent. That’s a substantial number, but interestingly enough, for most people whether or not it’s ultimately cheaper to own is not the most important factor. The bigger question is not should I do this, but can I do this?
One thing we have learned in our years of experience is that buying a home is often more within reach than our customers think.
There are so many ways that a home loan can be completed, with special programs for instance, that can make the dream of owning a home a reality. If I listed them all, this would be a ten page article.
And here is one of the biggest reasons to take the plunge if you are looking in this area: it’s less of a risk than you might think. The Washington Metro Area (VA/DC/MD) is one of the strongest real estate markets in the country. Much of the risk of buying of home is mitigated by the market itself. There is far less chance your new home will lose value here than in other markets. That alone can ease the mind a bit and make you a more confident buyer.
We take all the time needed and answer all the questions (there’s usually a lot) and help you make the call for yourself, and we’re there to follow through. This is what we do. If you think it makes sense for you to buy your first home, give us a call. Maybe we can be the ones to make it happen for you.