Have you been thinking about buying a home in today’s hot market? Perhaps you’re someone who’s renting and tired of watching your money disappear each month. Or you’ve been living in your current home for some time now and you’re ready for an upgrade. With so much information floating out there about buying a home, mortgage rates, renting, etc. we think it’s important to focus in on the facts and core reasons why you should buy a home today.
Low Interest Rates
Home prices have climbed the last couple of years with the recovery from the recession in 08/09, but with current 30-year Fixed Rates hovering near historic lows of 4%, now is still a great time to buy a home. Mortgages this cheap don’t come around often, and with interest rate hikes on the horizon, you’d be well served to take action today to lock in these low rates and get into the home of your dreams.
Freedom to Design
Tired of looking around your apartment wishing you could knock down walls and redo bathrooms and kitchens? Buying a home gives you the freedom to make any changes desired in your living space. When you’re a home owner, you can also take on home improvement projects that not only make life more pleasant, but many will score you an increased home value down the road. Putting in work on your home or property often pays huge dividends down the road; something not possible when you’re renting an apartment
Instead of paying the landlord each month, pay yourself. Buying a home and making mortgage payments acts as a forced savings. So instead of giving that $3,000 to the property manager, when you buy a home you’re storing that money as equity which you can likely get out later when you sell your home. Doing the math helps you understand just how much of an impact this forced savings can have on your net worth.
Say your mortgage payment is $4,000 per month and you live in the home for 5 years. Over the course of these five short years, you will accumulate $240,000 in equity. If you were renting during this same paying $3,000 a month in rent, you’d be out $180,000. By buying a home, you’re looking at nearly a $500,000 swing in money saved.
These are just three compelling reasons why you should consider buying a home today. Are you interested in furthering the conversation? Contact Lisa Cartolano at (510) 213-1139 or Ellen Diamond at (510) 504-9644, or email Team@ViewEastBayHomes.com.