Home / Maronda Homes News / Is now the time to buy or the time to rent a home?

Is now the time to buy or the time to rent a home?

It seems like only a short time ago that mortgage rates were significantly higher, renting was more appealing than owning, and buying a home with less than 5% down was unheard of.

Now is the perfect time to buy with mortgages at an all time low!  Wondering how much of a mortgage you can afford?  No problem!  With so many resources online like “Mortgage Calculators”, the process of buying a home and researching has become drastically simplified.

Here is a break down of how owning a home can benefit your life~

Pros

  • Build equity — your wealth will increase as you gain more home equity
  • Gain tax advantages — mortgage interest is tax deductible as per IRS code
  • Stabilize your payments — monthly payments are relatively steady if your loan has a fixed interest rate, while your landlord can increase the rent
  • Have a secure place for your family to live — a home provides a permanent place where your family can live and grow, and you can decorate or expand a house the way you like to create your dream home
  • Gain a sense of community — homeowners often are more involved in the well-being of their communities; many homeowners work together for better schools and less crime

Cons

  • Maintenance costs — it takes work and money to keep a home in good condition
  • Ties up your cash — selling the house may not be possible during the first few years of ownership; moving is more difficult and complicated and you may not have as much flexibility in choosing a new job location
  • Can fluctuate in value — there is no guarantee that your home will increase in value; it could decrease in value
  • Obligates your finances — when you buy a home, you are obligated to a set monthly payment

Not sure if you are ready to end up in one place?  That is the great thing about owning a home vs. renting.  If a home owner decides to move elsewhere, or take an extended vacation, renting their home is a great way to gain passive income.

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About Sharon Williams

Sharon is an internet sales and marketing innovator specializing in the new home industry that previously worked for Maronda Homes in Pittsburgh, PA. Sharon believes that successful selling isn’t about what you want, it is about doing the right thing for everyone involved and building relationships.

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