Rent or Buy? What’s the Benefits?
Josh Karl – The Stark Team – Keller Williams Realty
So you’re currently renting, wondering why your 2 bedroom, 1 bathroom, 1,000 sq ft apartment is costing you $900 in rent every month. Wondering why your friends and family are paying $900 a month for a 3 bedroom, 2 bathroom, 2,000 sq ft home, that they own. That is the big question. Why rent, when you can buy something better, for the same cost?
Well let’s get right into it. The reason people rent, most of the time, is because they somewhat feel they have to. They don’t think they can afford a down payment, or that they won’t be approved for a loan. That isn’t always the case. Nowadays, there are countless programs that help first time home buyers through the process! It by no means is an easy task to purchase a home, and some people, just simply are not able to do it. But you have options!
Why would you want to buy a house? I mean, there is so much more responsibility. You have to cut the lawn, shovel, fix anything that goes wrong! Why would anyone want that? There is a lot to benefit from! Not only the simple fact of calling yourself a homeowner, but your money is actually going somewhere. You build equity every time you pay your mortgage. Meaning, you truly own your home that much more, every month!
In the state of Wisconsin, you should be wanting to buy. Average home value has gone up substantially year over year. From 2011 to 2019, the median home price has gone from $131,737 to $197,500. That is roughly a 50% increase, in only 9 years! It doesn’t seem to be slowing down either. If you are someone looking into investing in properties, now is the time.
So in the end, what should you do? I can’t answer that for you. What I can do is reiterate the benefits of OWNING vs RENTING. You will always get more out of being an owner of something, not just speaking of homes, in life everything is more valuable when you own it rather than “borrowing” it. So, if you want my advice, buy. Purchasing real estate is an investment not only in your persona, but financial future.
– Josh Karl
Statistical Source: https://www.wra.org/Resources/Property/Wisconsin_Housing_Statistics/