Still unsure about whether or not you should buy a house? It’s a big commitment, obviously, and not just from a financial standpoint. But the rewards generally far outweigh any potential downsides for those who take the plunge. Need more convincing? How about the fact that:
You’re already paying a mortgage
That money that comes out of your account every month? It’s going right into someone else’s account. Doesn’t that make you just a little bit mad?
To be clear, that someone else is making money off you
How about now, when you think about the fact that real estate continues to appreciate and you’re not getting to appreciate that appreciation. “The national median existing single-family home price in the first quarter was $232,100, which is up 6.9 percent from the first quarter of 2016 ($217,200) and the fastest growth since the second quarter of 2015 (8.2 percent),” said the National Association of REALTORS (NAR). Aren’t you tired of watching someone else make money while you sit in the place they own and try to figure out how to get ahead?
You need to express yourself
Not being able to put a coat of paint on the walls or hang some wallpaper or enjoy the countertops, cabinets, or flooring you picked out because your landlord won’t let you make any changes is not cool. Sure, there are some temporary solutions to make your place look better, but nothing compares to having the freedom to do what you want, when you want, with your space.
It doesn’t cost as much as you think it does
In fact, you may be paying more in rent right now than you would be for a house payment. A new NerdWallet analysis “showed that a majority of millennials would prefer owning to renting, but they appear to be postponing homeownership because of real and perceived difficulties in affording it.” But, a report from Investor’s Business Daily shows that, “Paying a mortgage is cheaper than renting in 42 states.” Is yours one of them?