Real estate experts are heralding the return of a stronger real estate market, post the 2007 recession. Therefore, nowadays more people are choosing to buy homes instead of rent homes. Arguably, while there are several advantages to renting a home such as reduced maintenance costs and insurance, there are even more reasons to purchase a home.
Building equity is a strong financial reason to purchase a home as it will likely increase in value, and you will eventually own your home outright. According to a study conducted by Trulia.com, on average it is 20 percent cheaper in the Phoenix area to buy versus rent. The main reasons for this are the rising costs of rents and declining mortgage rates. (http://www.trulia.com/blog/trends/rent-vs-buy-q3-2014/).
Furthermore, thanks to different loan programs such as VA, USDA and FHA loans, as well as down-payment assistance programs, it can be cheaper in the long run to buy a home. Monthly mortgage payments are usually less than the cost of rent, and these payments are tax deductible as you are able to declare interest costs in carrying a home loan. Making your monthly payments on time also translates into a better credit rating. Finally, with regard to financial considerations, a fixed mortgage will ensure your monthly payment is the same, as opposed to potential annual increases in rent.
Finally, if you own your own home you are free to decorate or remodel your home in any way you so choose, to reflect your own personal tastes. Also, with fewer restrictions on things such as pets, your daily enjoyment of your home will be not be subject to someone else’s rules.
Please contact me for even more reasons for you to consider purchasing your own home in the Northwest Valley.