According to a recent report by Trulia, “buying is cheaper than renting in 100 of the largest metro areas by an average of 37.7%.” That may have some thinking about buying a home instead of signing another lease extension, but does that make sense from a financial perspective?
In the report, Ralph McLaughlin, Trulia’s Chief Economist explains:
“Owning a home is one of the most common ways households build long-term wealth, as it acts like a forced savings account. Instead of paying your landlord, you can pay yourself in the long run through paying down a mortgage on a house.”
The report listed five reasons why owning a home makes financial sense:
- Mortgage payments can be fixed while rents go up.
- Equity in your home can be a financial resource later.
- You can build wealth without paying capital gains.
- A mortgage can act as a forced savings account.
- Overall, homeowners can enjoy greater wealth growth than renters.
Before you sign another lease, let’s get together and discuss all your options.
Need an agent in the Lexington or Georgetown KY area? Just #thinksink.
Or maybe you don’t need me right now, but feel free to share my name. I love referrals!
LeAnn Sink, Realtor® United Real Estate
Call me here… 859.212.6340
Email me here…. firstname.lastname@example.org
Visit me here… www.leannsink.com to start your home search for free.
FYI! Did you know using me as a buyer’s rep costs you nothing? I get paid by the seller so put me to work for you!