Rental units are often in short supply and that can drive the cost of rent higher and higher. Many people are paying more for rent than they might for a mortgage. If you are renting, you might want to reconsider the affordability and other positive attributes of becoming a homeowner. Read on to learn more.
It's More Affordable Than You Think
You might just assume that you cannot afford to do anything else but rent. You might have become complacent and accepting of the fact that you are far from being able to afford a home. If so, you might want to shake up those perceptions and verify what might be some erroneous information. Before you lose the chance to take advantage of low mortgage rates, speak to a lender and get pre-qualified for a loan.
Doing so will tell you how much of a mortgage you might be approved for when you do find the home you want. It may also serve as a wake-up call when you realize that you can be owning for less or the same you are now paying in rent. Next, speak to a real estate agent about homes in your price range. You might be surprised at what's available and affordable for you. Finally, speak to a lender about special loan programs that require little to no down-payment and special first-time-buyer loan products.
You'll Have a More Stable Living Situation
Any time you pay rent, your living situation is only as stable as the length of your lease. When leases expire, the owner or property manager can always raise your rent, creating sudden budget woes. Also, renters can be asked to move for various reasons. When you own a home, you are in charge of your living situation. As long as you pay the mortgage, you can make yourself at home in a way most renters cannot. You can have a pet, remodel, paint, rent out an extra room, and more. New homeowners are often astounded at how much more interest they take in local community affairs, politics, and things like property taxes.
Your Finances Will be Boosted
Finally, owning a home is like money in the bank. No matter how much trouble you may have saving money, a home is an investment that grows equity by the day. A home becomes one of your most valuable assets and may comprise the bulk of your fiscal worth. You can always borrow from the equity in a home and when you decide to move you may realize a profit that gets you in an even nicer home later on.
Speak to a friendly real estate agent about property for sale in your area.