Summary: Should you rent or bite the bullet and make a home purchase? It’s a question that many people ask themselves. But while renting may offer more flexibility and not require as much of a commitment, there are certain benefits of owning that you simply can’t get with renting.
If you rent, you’ll be doing little to build equity while building your landlord’s wealth. But with owning, you can build equity and your own wealth instead of someone else’s. Plus, your mortgage payment is locked in without risking it increasing, which is the case with rent.
Your rent could increase at any time. Plus, there are other fees that are required with renting, including security fees. But with homeownership, you won’t have to worry about your mortgage payments going up if you take out a fixed-rate mortgage. Once you are locked in, the payments will remain the same month after month. That’s better for budgeting and for peace of mind.
You also have the freedom to customize your home as you see fit, which is not the case when you rent. Instead, your landlord will likely have restrictions on what you can and can’t do in your home to make it your own.
Finally, you won’t have to worry about your landlord terminating your lease once it expires. Instead, if you own your own home, you vacate the premises on your own accord whenever you decide to sell.
There’s certainly plenty of perks to homeownership over renting!
At Sammamish Mortgage, we’ve been helping borrowers in Washington, Oregon, Colorado & Idaho get the mortgages they need to turn their dreams of homeownership into reality. With nearly 30 years of experience in the industry, we understand all the ins and outs of mortgages and would love to be of assistance to you. We offer a wide variety of mortgage programs and tools with flexible qualification criteria. Please contact us today to get a rate quote or to apply for a mortgage.