To Rent or To Own? That is the Question!

Are you wondering if you should continue renting or if you should buy a home?  Buying a home most likely makes the most sense.

Rental prices are increasing rapidly, and historically since 1988 rents have always trended up, so rental affordability is an increasing challenge. The median rent across the country was $1,732 and is almost 26% higher than it was in 2019. And in Massachusetts the median rent is $3,200. Yes, that's correct, a whopping $3,200 a month going to a landlord! Here are some of the benefits of owning vs. renting.

Homeownership Can Be More Affordable if You Need More Space

It’s typically more affordable to own than to rent if you need two or more bedrooms. Whether you need more bedrooms to accommodate your household, or just to give you more space to spread out or work from home, it might make sense to consider homeownership.

Homeownership Allows You To Start Building Equity

In addition to shielding you from rising rents and being more affordable when you need more space, owning your home also allows you to start building your own equity, which in turn grows your net worth. As home values rise and you pay off your mortgage, you can use the equity to move to an even larger home, to pay for education or to build retirement income.

Homeownership Gives You Flexibility

When you own your own home you can pretty much do what you want to it. Do you want to hang dozens on pictures on the walls? Paint the kitchen cabinets white? Put orange carpet in your bedroom? You can do those things when you own your own home. No need to get permission from the landlord (or get a resounding "no" to your requests).

Homeownership Improves Mood

Looking around your own home, feeling pride of ownership and doing DIY projects  can improve your outlook on life, give you more confidence and provide a sense of accomplishment and peace.

Let's get in touch so we can discuss how you can purchase your own home and stop paying that landlord!