Did you know you can own for less than you can rent right now?

With today’s low mortgage rates, there’s great opportunity for YOU to make a move into homeownership that stretches each dollar a little bit further. While the best timeline to buy a home is different for everyone, the question remains: Should I continue renting or is it time for me to buy?

The answer depends on your current situation and your future plans, so here are some thoughts to help you decide if you’re ready to own a home of your own.

1. Incredibly low interest rates

Low interest rates are a great reason why you should consider purchasing a home in 2021. As of February 12, 2021 current interest rates are lower than we’ve ever seen!

To the right is a scenario that includes principal, interest, taxes & PMI on a $230,000. If you’re paying $1,500/month for rent you should consider seeing if you can get pre-approved for a home!

2. Rent Will Continue to Increase

This is one of the top reasons why renters decide to move because in most cases, rent will continue increasing each year. As noted above, the U.S. Census Bureau recently released its quarterly homeownership report, and as the graph below shows, median rent is climbing year after year. When you own a home, you’ll lock in your monthly payment for the life of your loan, creating consistency and predictability in your payments.

3. Freedom to Customize

This is a big decision-making point for many people who want to be able to paint, renovate, and make home upgrades. In many cases, landlords determine all of these selections and prefer you do not alter them as a renter. As a homeowner, you have the freedom to decorate and personalize your home to truly make it your own.

4. Privacy

When renting, your landlord has access to your space in case of an emergency. If you own your home, however, you’re the one to decide who can come inside. Given today’s health concerns around the pandemic, this may be a growing priority for you.

5. Flexibility for Relocation

If you’re renting, it may be easier to move quickly should you have a job transfer or simply decide it’s time for a change. When you’re a homeowner and need to sell your house, this might take a little more time. Today, however, with the housing market’s low inventory, this may no longer be the case. Homes are selling at a record-breaking pace, so you may have more flexibility than you think.

6. Building Equity

When you pay your rent, your landlord earns the equity the property gains. If you own your home, the benefits of your investment go directly toward your net worth. This is savings you’ll be able to use in the future for things like sending children to college, starting a new business, buying a bigger home, or simply downsizing to save for retirement.

Our team would love to help you decide if now is the right time for you to buy a home. Just a simple conversation gets you started on the homebuying journey! Contact us today.