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Buying vs. Renting: Why Now Is a Great Time to Become a Homeowner

The choice between buying a home and renting is among the biggest financial decisions many people will make. Homeownership has long been touted as the American Dream, but you may wonder if you are ready to make that dream a reality. Read on to learn why now is a great time to make the jump from renting into homeownership.

Does It Make Sense to Buy?

This is the question asked by most people debating making the leap into homeownership. Some things to consider include how long you plan to stay in the home, the current market conditions in the area you are looking to purchase in, and what your long-term financial goals are. Keep in mind that some of the benefits to homeownership go beyond financial ones. Owning a home has long been a part of the American Dream and your home becomes a place to make memories for years to come. Get started on your dream by calling Cambria® Mortgage™ for a free, no obligation consultation to answer some of the questions you may have about becoming a homeowner.

Are You Financially Ready?

Buying a home involves a down payment and a monthly mortgage payment that can last anywhere from 5 to 30 years. Along with those costs there are also items like mortgage insurance, homeowners insurance, utilities, and taxes to take into account. Don’t let the list of financial responsibilities frighten you, however, as there are usually loan options that can help you make a lower down payment or eliminate mortgage insurance. Working with your dedicated mortgage consultant, you can go over these options and find one that is right for you.

Another financial benefit to consider is that mortgage interest is generally tax deductible, whereas monthly rent payments are not. Work with a tax advisor to get all the details and see how your monthly payments can pay you back.

The Upside of Upkeep

Even brand new homes need some level of upkeep. When you are the homeowner, these tasks belong to you. Some of these are fun things like curb appeal and picking the perfect paint colors, but others can require some expertise or be downright messy. One thing to remember is that anything you do to improve your home can improve its value and benefit you in the long run. Never underestimate the value of sweat equity!

Looking to the Future

Home price appreciation is one of the most important variables in the homeownership debate. Right now, home prices are appreciating at a steady pace. When choosing a home and an area to purchase in, look at the local trends and long-term averages to ensure you are making a sound financial decision for your future. The equity from appreciation and principle reduction is often a primary source of wealth for the homeowner and can benefit you into retirement and beyond. The team at Cambria Mortgage can help you evaluate your purchase and the loan product that is going to give you the best options for your future.

Call Cambria Mortgage

To get started, call Cambria® Mortgage™ at 952-942-0110 today or visit CambriaMortgage.comOur team of experts will provide personal, hometown service with sound advice and impeccable attention to detail at every step of the process.