Why Buy a Durham Home Instead of Rent?
Although interest rates have jumped up a bit over the last several weeks, now is still a great time to buy a home, especially if you’re currently renting in what’s been a rather robust rental market over the past 12 to 18 months. And with both demand and rent prices still on the rise heading into 2017, why not make it your goal to finally make that long awaited transition from renting to owning sometime over the course of the new year?
Regardless of your situation, if you’re still on the fence about buying a home for the first time, there are plenty of great reasons to buy instead of rent, even with interest rates on the rise. And while the list of reasons goes far beyond what’s featured below, here’s a look at why buying a home is certainly worth some consideration in 2017:
- Interest rates will continue to rise - Although rates are now over 4% for the first time since 2015, the increase is expected to continue throughout the new year; so if you’re considering buying a new home, the sooner you buy the better in order to still take advantage of optimal mortgage rates.
- The freedom - Owning your own home allows you to implement customizations and design features that fit your specific tastes or lifestyle. And certain updates only increase the value of a home, ensuring you’ll maximize profits when it comes time to sell!
- Fixed housing costs - Although there might be added expenses as a home owner (maintenance, water, HOA fees, etc), your mortgage payment will remain constant in most instances, unlike rent prices, which tend to go up every year or two.
- You’ll buy less furniture - There’s nothing harder on furniture and the rest of your possessions than moving. And every move, it’s almost inevitable something gets damaged. But when you buy a home, chances are it’s more of a long term move, meaning whatever you move with will also stay put longer, likely giving your couches and chairs a much longer life!
- The Equity - Perhaps the best benefit of all is finally building up equity on your home instead of wasting away rent payments month after month. In fact, owning a home is probably the best way to increase your personal wealth, so the sooner you buy, the sooner you can start seeing the benefits of building up your home’s equity, which no doubt gives you more financial options down the road.