When you’re starting the process of selling your home, be prepared to see your home in a whole new light.A really, really bright light. That’s because buyers will notice all the great things
5 Reasons For Millennials To Stop Renting And Buy A House
Dated: August 2 2017
There are five reasons owning a home is much more beneficial to you in the long run than renting.
Looking to buy a home? Search all homes.
Looking to sell a home? Get a FREE home value report.
There are five important reasons why, if you’re a millennial, you should stop paying rent and consider buying your own house.
1.By paying rent, you’re paying someone else’s mortgage anyway. The money that’s coming out of your account is paying off the home someone else purchased. Paying a mortgage is the same thing as paying rent, but the difference is you own stake and equity in your home.
2. Someone else is making money off of you. The national average increase in equity in your home every year is 3.4%. By paying rent, you’re not able to appreciate that appreciation. Getting your own mortgage will help you keep more money in your pocket. In the long run, it’ll help you get ahead.
3. You can make a home truly yours. When you rent, you have to get permission from your landlord to do things like paint walls or rip out carpets and install new hardwood, and you won’t get any appreciation off of those updates either. When you own your own home, you can make it unique to your personality and lifestyle.
4.It doesn’t cost as much as you think to own a home. You might be paying more for rent right now than it would cost you to own your own place. My wife and I pay $1,350 a month for our mortgage, and we own our townhouse. Our neighbors pay $1,700 a month to rent the same exact thing. We’re saving $350 just by owning our home.
5. There are different programs available to help you afford a home. Hardly anyone pays a 20% down payment anymore. We only put a 3% down payment on our home to secure our $1,350 monthly mortgage payment. You can talk to your lender or reach out to us if you want to learn more about the national programs available for down payment assistance.
If you have any questions about this or any other real estate topic, please feel free to give us a call or send us an email anytime. We’d be glad to help you on your home buying journey.
Julie Baldino is a seasoned veteran of the Pacific Northwest real estate industry, and has consistently been in the top 10% in sales for over a decade in 2 states. In order to accommodate a rapidly ex....
Latest Blog Posts
Selling Your Home During COVID? You Might Have an Edge... Less is more when it comes to successfully selling your home during the COVID pandemic. That’s because if you’re still going ahead
Millennials are facing major stress trying to come up with ways to balance a down payment,student loans, and impending mortgages, but they are finding solutions: (Image provided by