Why It Might Be Time for You to Buy Instead of Rent

7/23/2015

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 housing market.

Energy Efficient Technology Saves Money

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 friendly improvements.

Owning a Home Gives You a Second Income Opportunity

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.

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