If you’re debating about whether to buy a home or rent, these three tips will help you make a decision.
In our market, is it a better choice to buy a home or rent?
We believe that it is much better to buy instead of rent, and here are a few reasons as to why:
1. You have an opportunity to grow your credit. Purchasing a home is a long-term way to positively influence your credit score.
2. Buying a home will build your equity. Regardless of whether you stay in the home forever, you will still build equity that would go towards your future. Any upgrades you do will go towards your own investment, whereas if you rented, you’d be improving a property you don’t even own.
3. Purchasing a second home after your first provides an opportunity to earn additional income. You can rent out your first one. Instead of renting and paying someone else’s mortgage, you are now your own landlord and can use the rent money from tenants to go toward your own mortgage.
If you have questions about this or other real estate topics, don’t hesitate to reach out to us. We’d love to help you.