Stability
Renting may provide a little bit of flexibility on when you can move, depending upon your rental agreement. The problem is that most renters are susceptible to rent increases. This results in people trying desperately to find somewhere to move when their rental rate exceeds their current budget. Owning a home means locking in a fixed mortgage rate that fits your budget long-term. This provides stability to stay as long as you want and create some real social connections and community engagement,
Long-Term Investment
You probably already know this, but property is one of the most secure investments one can make. Of course, there are no guarantees but even if the value of the house depreciates over time, the property value may increase. The average sales price of homes sold in the US has been steadily increasing for decades, which means there’s a good chance your home would increase in value.
No Rent In Retirement
As with a mortgage, rent can be a large monthly expense. The difference here is that once your mortgage is paid off, you fully own the house. Whereas with rent, you will be paying a steadily increasing rate, even in retirement. Not having that big monthly expense after you stop working will take a huge burden off of your savings.
Personalization
Have you ever tried to make an improvement or repair on your home or apartment with your landlord? It can be a pretty frustrating situation. Landlords prefer to use certain contractors for certain projects which can be delayed for weeks or even months in some situations. And if the project is just an improvement and not a repair, your landlord will probably want to skip the expense altogether. Owning your home means you can make whatever upgrades and changes you want when you want. You also get to look around and choose your favorite contractor for the job. Plus, there are a lot of upgrades you can make that will increase the value of your home in the long run.
If homeownership is something you’re considering, we’re here to help. As proud members of the esteemed, small-knit Eden Prairie small business community, we are active participants in everything our area has to offer. Since 1995, we’ve been committed to earning the trust of our community. With over 4,500 homes sold in our region, we have the knowledge and experience you need when you are looking to list or buy a home in Eden Prairie. Give us a call today and experience for yourself how we became the #1 sales team in Eden Prairie.