If you’ve been renting a home or apartment in the Gainesville area for a few years now, you might be ready to ask yourself a very important question. Should I continue renting or start looking for my dream home?
That all depends on where you are financially. While renting grants flexibility and financial stability in the interim, homeownership has a plethora of benefits for those who are ready to think long term.
The case for continuing to rent
It’s not a secret that buying a home is an expensive endeavor, but it’s not just the price that should concern you. Homeowners deal with property taxes, moving fees, home upkeep, down payments, and — of course — monthly mortgage payments. Sound overwhelming? You’re not alone.
Aside from renter’s insurance and a security deposit — which are both very standard — there are no hidden fees involved in the renting process.
Not only are renters exempt from the financial hardships that come with homeownership, but renters also have much more flexibility. If you need to uproot and move to a different city, there won’t be anything holding you back. You’ll have the freedom to adapt easily to life’s changes.
Incentives to buy a home
If you have the savings to do so, there’s really no question that buying a home is much more advantageous than renting one — especially with the help of Gainesville’s top real estate agents. While you may save money in the interim by renting, buying a home can have huge advantages in the future.
One of the greatest incentives to buying a home is your equity. This is basically the current market value of your home subtracted from what you still own to your mortgage — basically a forced savings account for all homeowners. In 2019, home equity increased by 5.1% compared to 2018, and equities have been steadily increasing for many years now. This is a good sign for all homeowners looking to tap into their equity in the future.
Buying your own home also has many other rewards, including increasing your credit score, tax benefits and breaks, and locking in a fixed mortgage rate (a stability never guaranteed when renting). While homeowners invest money into a property that’ll leave them with stability and significant savings in the future, renters are left with nothing at the end of their leases.
The bottom line
If you have enough savings, stable employment, and a steady income — you’re an ideal candidate to start reaping the benefits of homeownership. If you’re not quite in a stable financial position, you might be best to hold off a few more years.
Set yourself up for the best future by consulting a top real estate agent in the Gainesville area. No matter what your plans are, the best way to succeed in the real estate world is by getting the best assistance and advice out there, so talk to us today! (352) 514-9508