Home is a basic necessity. There is no greater joy than having a place where you can relax and entertain your friends and loved ones. Thinking whether you should buy a home or continue to rent? Here are a few things to consider when it comes to financials.
Building Wealth
By renting a home, the amount you pay is put towards building the property owner's wealth. On the other hand, buying your own means you can build your own wealth since most loans lock payments within 15 to 30 years. With renting, you have to pay every time you renew your lease.
Value of Investment
Properties increase values, which means it may hurt your pocket if you rent a home for a long time. Conversely, if you buy a home, you can sell it at a higher price in the future or enjoy residual income by renting it out.
Wrap Up
As for any kind of investment, it is important to weigh the pros and cons. Owning a home comes with significant benefits that are worth looking into, especially with today's real estate market where rental prices continue to soar. Give us a call or send us a message, we'd love to walk you through the process and help you find the best options available.
631-831-0912
kyle.kelly@eXpRealty.com
kkellyny@gmail.com
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kylekelly.exprealty.com
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