Since the housing bubble in the days of the mortgage crisis, many people have become leery of purchasing a home. They worry about the mortgage payments, whether the house will appreciate in value in the coming years. But the crisis is in large part over and home values have stabilized, opening the door to home ownership once again for savvy buyers. Today, rents are rising in a rebounding economy, yet home sale prices are more affordable in many parts of the country. What are the advantages of buying a home in Ellwood City compared to simply renting?
- A House is a Blank Canvas for Expression
We’ve all rented at one time or another from a landlord that stressed what you couldn’t do – no painting the walls, no nail holes for hanging pictures, no modifications to the structure. On the other hand, if you own your house, there are limitless ways to express your style. You can paint every wall a different color if you like, or knock out a wall to transform two cramped spaces into one spacious area.
- You Can Make a House More Efficient
One of the biggest expenses whether you rent or own is the cost of utilities. Whether you’re focused on reducing your carbon footprint for altruistic reasons or you simply want to save some money on heating and cooling expenses, if you own your own home you have a lot of opportunities. Upgrading your HVAC system, investing in solar panels and adding extra insulation are all “green” improvements that will pay for themselves quickly. If you’re renting, you’re at the mercy of your landlord.
- No Landlord
Not having a landlord is pretty much self-explanatory. A mortgage payment frees you from having to worry about a landlord who may pop by unannounced. You won’t have to call and nag an unresponsive landlord if the washer is broken or the roof is leaking. Home owners can take care of repairs themselves or hire someone to do it. Home ownership gives you control.
- The Right Kind of Mortgage Makes Budgeting Easier
Although there are some upfront costs to purchasing a house or condo, a fixed rate mortgage is guaranteed for the life of the mortgage. That means you’ll never have to worry about your landlord suddenly raising the rates when you sign your new lease each year. With housing prices and interest rates as low as they’ve been in fifty years, now is the time to buy to protect yourself against inflation with a mortgage. A mortgage calculator can be an easy way to determine how much you can afford and what you will be paying each month based on a variety of parameters. There are several excellent ones available online, including MortgageCalculator.org.
- Buying Means You Can Stay Put
Renters never know from one year to the next what might happen when their lease is up. The landlord may decide to raise the rent, or he could put the property on the market. The possibility of having to pack up and move is a real one if you aren’t the owner of your home. If you want to put down roots and create a true home, buying is a better bet than renting.
- You Can Build Equity
Buying a house as an investment shouldn’t be the primary reason you purchase a house or condo, but if you plan on staying in one place for at least five years, it could turn out to be a valid reason. But a house is a long-term investment, not a short term one. The longer you stay in one place, the more your house will appreciate in value. This is particularly true if you purchase a house in an area that is undergoing a Renaissance. If you spend the next several years improving your house, you’ll be impressed with how much your home is worth ten years down the road. You can then use the increased value to get a home equity loan if you need one. Your landlord isn’t going to give you a loan based on your timely rental payments.
Be sure to weight the pros and cons before choosing whether to own or rent your next home in Ellwood City, PA. If you plan to stay put for at least five years and like to idea of creating your own space and improving your house, buying a house may be the best choice. Talk to homeowners in your area to get some feedback. You’ll discover that most homeowners wonder why they waited so long before buying once they are in a home of their own.