Are you thinking about purchasing your first home? If this is the case, it can be useful to understand why others have made the same choice.
While this survey focused on first-time homebuyers buying newly built homes, the same sentiment applies to anyone purchasing their first property. Here is some additional information to help you evaluate whether these two advantages of homeownership are also important to you.
When Buying a Home, You Have Greater Stability Than When Renting.
You may want to stop renting because rents continue to rise. Every time you sign a new rental agreement or renew your current one, there is a possibility that your rent will increase.
In contrast, when you purchase a property with a fixed-rate mortgage, your monthly housing payment is consistent throughout the life of the loan. This stability can provide peace of mind that renting cannot match.
When you purchase a home, your wealth increases as home values rise.
Beyond that, possessing a property can also be a wonderful long-term investment. While renting may be the more affordable option at the moment, it does not provide a path to wealth accumulation over time.
Essentially, rental prevents the accumulation of equity. In contrast, homeownership can help you increase your net worth as the value of your property rises. This is a significant benefit you cannot obtain if you continue to rent.
Taking this into account, it may make more financial sense to purchase. The majority of experts predict that home prices will continue to rise at a more typical rate over the next few years. This means that when you purchase a property, you are not only investing in a place to live but also in your financial future.
If you're prepared, purchasing your first property instead of renting can be a wise decision. Let's connect so you can stabilize your accommodation costs and begin accumulating wealth for the future.
