Yep, it’s pretty much an age-old question that’s asked all the time. Why should I buy a home instead of renting?
After several years in this business, and owning a few homes of my own, I’ve got all kinds of examples of why it’s better for most people to own, rather than to rent. You’ll notice I didn’t say that everyone should be a homeowner. I don’t believe that. Some folks just aren’t cut out for it, or don’t have a lifestyle that’s conducive to home-ownership. But, MOST are.
I won’t go into all the whys and why-nots right now, but I do want to share with you a cool little gadget a friend turned me on to last week. The New York Times recently created this nifty little tool that takes your current rent situation into account, and compares it to a buying scenario of your choosing.
All you have to do is plug in how much you currently pay in rent, and how much you might want to spend on a home, how much you plan to put down, a current interest rate, and the projected property taxes. That’s it! Next it’ll show you how long you would need to own that home to break even, then how much wealth you would build each year thereafter. Did you know that over 60% of Americans’ wealth is in their home equity?
Anyway, I hope this helps answer some questions, but if you have any others you’d like answered, feel free to get in touch with me. I’m happy to help.
About Ryan Hukill
