Why waiting may be bad
It is no secret that buying a home is an investment that requires careful thought and analysis. Whether it’s looking at your financial situation or the house itself, the home buying process can take up valuable time you may not have. To help you break this down, we’ve compiled a couple of reasons why now could be the perfect time to take action and create your dream home.
Waiting could increase costs
1. Waiting could cost you if home prices rise
2. Waiting could cost you if mortgage interest rates go up
All of these scenarios would increase your future monthly payment. If prices AND rates increase, it would mean an even more costly purchase for your future home. With that being said, if your finances are in good shape today, buying now is an excellent way to secure a payment that you know you can afford, instead of gambling on what your payments will appear as in the future.
It might be more affordable than you think.
We realize homeownership is a major investment. However, many overestimate what amount is necessary to put down on a home. You might not have to put down anything, depending on whether you qualify for certain zero-down loans or down payment assistance programs. Keep in mind that lenders often allow gifts from family or friends toward your down payment or closing costs.
Renting might be costing you future equity.
Renting could cost you potential future wealth by paying into your landlord’s investment rather than your own.
Equity is the additional money you get from your home’s increase in value from the time you bought it. This is the extra riches that would have gone into your landlord’s pocket had you rented instead.
However, it is important to understand that equity isn’t a guarantee. Occasionally home estimations go down instead of up, so you need to factor this into your risk tolerance accordingly. Be that as it may, even with intermittent dips, home prices have consistently gone up throughout the century, providing countless homeowners a return on their investment.
If you would like to learn more about Renting vs. Buying, click here.
Is buying now the right option for you? Start shopping today or set up an appointment.
Location, home designs, features and prices are subject to change without notice. We are pledged to the letter and spirit of the U.S. policy for the achievment of equal housing opportunity throughout the Nation. We encourage and support an affirmative marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status or national origin.Equal Housing