Why Renters Should Explore Home Ownership
I think it was John Lennon that said. “Life is what happens when we're busy making other plans.” Most of us understand the importance of owning our own homes but can become complacent with renting due to its ease and convenience. "It is important for us to remember, "David Stone of Oly Pen Real Estate points out, "that although home ownership is a challenging goal, the advantages it provides makes home ownership one we should prioritize." It is hard to disagree.
Studies have also shown that a homeowner’s net worth is over 40 times greater than that of a renter. More clearly, purchasing a median-priced home at the start of 2020 could build more than $37,750 in family wealth over the next five years with projected price appreciation alone.
Investing in Our Future
There are great advantages to owning a home, yet studies indicate that many chosoe to rent, despite the likelihood they could, be well postured to buy. Designated Broker Jason Atwood of Oly Pen points out, "The many benefits of living in Grays Harbor alone should make us want to invest in our communities." Realtor.com recently reported that buying remains the more attractive option in the long term – it remains the American dream, even in many markets where, as people get more savings in their pockets renting has become really the shortsighted option.
Why is owning a home financially better than renting?
Here are the top 5 financial benefits of homeownership:
- Homeownership is a form of forced savings.
- Homeownership provides tax savings.
- Homeownership allows you to lock in your monthly housing cost.
- Buying a home is less expensive than renting.
- No other investment lets you live inside of it.
Some argue that renting eliminates the cost of taxes and home repairs, but every potential renter must realize that all the expenses the landlord incurs are already baked into the rent payment – along with a profit margin.
Clearly, owning your home has many social and financial benefits that cannot be achieved by renting. Why not give your Oly Pen Real Estate Team a call today at 360.249.8187 or stop by our office 141 S. Main Street in friendly Montesano, WA and discuss your expectations today! Let’s connect to determine if buying a home is your best move. Start your new dream today!