If not now, then when?
1. Your Rent Keeps Increasing
If you are looking for a predictable and static monthly payment, purchasing a home my help you control your monthly housing expense. According to the latest Apartment List data, the city’s rent prices in March soared 11.5% from the same month in 2021. Currently, median rents in Houston stand at $1,020 for a one-bedroom apartment and $1,214 for a two-bedroom. March 2022 was the third straight month the city saw rent prices increase after a decline in December.
2. You Are Ready to Build Equity
You are currently paying your landlord's mortgage.... Read that again. It is time to start building your own equity with a place of your own. If you own a Home, your mortgage payments can help you build home equity. Home equity is a powerful asset and it represents the amount of your home that you own free and clear from the remaining balance on your mortgage. The amount of equity you have in your home can grow over time, allowing you to build wealth.
3. No More Landlords!
When you rent, you’re at the mercy of your landlord. You own nothing. Once your lease comes to an end, they may decide to sell the property, rent it to someone else, or simply move into it themselves. The takeaway is that when you rent, you don’t have any sort of stability outside the duration of your lease. If you want to put down roots, or call the shots, renting won’t get it done. Imagine being your own landlord!
4. Your Home Appreciates
Real estate has historically had a long-term, stable growth in value. Regardless of the market and horrifying news headlines you read, values are still up 7.0 percent on a cumulative basis. In addition, the number of U.S. households is expected to rise 10 to 15 percent over the next decade, creating continued high demand for housing.
5. Pride of Ownership
We have seen some amazing changes in people after buying a home. You are able to personalize your home, garden, BBQ; the possibilities are endless. You hold your head higher because YOU are a Homeowner. It is a huge milestone and a timeless achievement. When you envision the "American Dream," what do you see? Do you picture yourself renting? Didn't think so. Owning a Home can be very fulfilling, as can having an active role in your community as a Homeowner.
We gave you 5 reasons, so why are you still reading??