You may aspire to a home to call your own. With mortgage rates continuing to trend downward, homeownership may very well be within your reach.
However, you may wonder whether owning a home is better than renting an apartment. Whether one option is indeed “better” than the other is a matter of opinion. That said, there are certain advantages you get from owning a home versus continuing to rent, including:
- An investment opportunity: Most people aren’t going to strike it rich in the stock market. For many, homeownership is the biggest investment they will ever make, and it’s an investment that’s likely to pay off. Keep in mind that you’ll want to play the long game if you’re looking for a significant return. Instant equity is rare. However, you might be surprised at how fast your home’s value can increase, especially as you make improvements on the property.
- More stable expenses: Depending on your lease, your rent may increase from year to year. When you own a home, your mortgage payment is your mortgage payment. It will never change unless you decide to refinance or take out a second mortgage. When inflation causes market rates to skyrocket, your home payments will remain stable, often making homeownership cheaper than renting as time goes by.
- A place of your own: The value of privacy and security cannot be emphasized enough. When you have a home of your own, you don’t have to worry about questionable people lurking outside your entryway or slouching down your hallway. You won’t have to share a wall with loud neighbors or listen to the kids above you stomp around at all hours of the day. You also have the right to be as loud as you want within the confines of your home.
Ultimately, only you can decide whether buying a home is right for you. If you decide to take the path toward homeownership, respect the fact that you’re making a significant investment in your future. You should ensure your interests remain protected throughout the homebuying process. Having a skilled legal professional in your corner can help ensure a smooth transaction.