Why It Might Be Time for You to Buy Instead of Rent
There will always be a debate surrounding whether it's better to rent
or buy a home. This seems to change each year as it follows the housing market.
Some years, it's better to rent; others, you should buy while you can. But
there are some real benefits to owning a home, no matter the condition of the
Energy Efficient Technology
If you're renting a home, you don't have many options for decreasing
your energy bills. Aside from turning off lights and keeping the AC low, you're
mostly locked into your utility rate. When you buy a home, there are hundreds
of ways to significantly cut energy costs. Insulation, solar panels, energy
efficient appliances, and other options save homeowners a lot of money. Many
states also offer tax incentives for homeowners to implement environmentally
Owning a Home Gives You a Second
If you own a home and have extra space, you can rent out a room or even
a whole section of the house. Many homeowners buy two-family properties and use
rental income to pay the mortgage. Your home will always be an asset and a line
of equity, which offers security during an economic downturn.
A Fixed Mortgage Doesn't Change
Mortgage rates are incredibly low right now. A fixed mortgage means
those rates will never change, so you always know what your payment will be.
Unlike rent, which seems to be getting higher every year, a fixed mortgage
means you don't have to worry about skyrocketing payments.