If you have been renting a home for a while, there's more reason now than ever to consider buying! With interest rates at historic lows, the payment for an average home is about the same as it was 30 years ago, while the average rent is up over 4 times in 32 years!! (see chart above) It doesn't take a math genius to see the better value there!
*Other added advantages of buying over renting include:
- Sense of pride: You'll have a greater sense of accomplishment when you own your own home
- Steady payments: As a renter, you run the risk of your rent going up. With a fixed interest rate loan, you can be assured your payment will be the same month after month, for the duration of the loan term
- Better credit opportunities: It will be alot easier to apply for other loans if you already own a home, plus you can build equity over time and borrow against that equity in the future if you choose to.
- Freedom: Owning your own home gives you the freedom to do whatever you want to with your home - you don't need a landlord's permission if you want to paint, add on or redecorate!
*Source - www.leadsteps.com/advantages of buying over renting
Obviously, buying isn't for everyone, but for those who are ready to take advantage of the significant benefits of owning your own home, why wait? Visit Frank's Home Place today and let us help you get out of the "rent trap" for good!
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