One of the questions we see the most from first-time homebuyers is whether or not it’s a good idea to buy a new home instead of continuing to rent. The housing market is an interesting one to watch, and with the prices of homes fluctuating, as well as varying interest rates, you might feel intimidated when facing the prospect of buying a home. And combined with your credit score, the supply of homes available, and other factors, you might be worried that you won’t qualify to buy a new home.
The Marcroft Team takes the worry out of purchasing a home in Hailey, Idaho. Adam Marcroft and Dana Wendland will partner with you to determine your needs, and work hard to help you find the home of your dreams.
If you’re currently renting a home and aren’t sure whether or not to take the plunge, keep reading to see if buying is the right choice for you.
The Case for Renting
While many wish to buy a place to call home, there are reasons that renting makes better sense than buying. One is that it doesn’t make sense financially, especially if there isn’t enough money for a down payment or the costs outside of a mortgage (property taxes, home maintenance, HOA fees, and so on). Additionally, a person’s job security is questionable, buying a home could put a substantial strain on already-stretched budgets. There are others who frequently move because of employment obligations, and if you’re not planning to stay in a home for more than five years, you’re likely better off renting.
And now for the benefits of buying a home.
Many people will find that the cost to rent is more than the cost of a mortgage. Depending on where you live, you will see different numbers, of course. But with mortgage rates being so low, the monthly payments can drop below the cost of a rent payment.
It’s an Investment
Renting involves a monthly payment to a landlord, but when you’re ready to move, you don’t receive any money back (and might lose money depending on circumstances). When you’re selling a home you’ve owned for quite some time, which has likely appreciated in value over the years, you’ve likely built equity in that home, which you can use to put toward a down payment on a new home. Depending on the amount of capital, you might be able to put down enough that you can upgrade the quality of the home you buy.
When you sign on a mortgage, you’ll know up front how much your monthly payments will be for the next 15-30 years, provided you haven’t gone with a variable rate mortgage. You won’t have to worry about your landlord raising the rent, adding fees, or costly damage deposits (anything you break in your home is up to you to fix!).
Your Home is Yours
Speaking of fixing things you’ve broken, on the other hand, you have the freedom to make your home yours. You can paint it, renovate it, fix up the yard, and make it uniquely yours. And as far as privacy goes, you don’t have to worry about staying quiet at odd hours to avoid bothering the upstairs neighbors, or worry about them invading your privacy.
Home ownership is possible, and with help from the Marcroft Team, you’ll have your dream home in the Hailey, Idaho area in no time. Call us today!