Over the last few years, housing prices have steadily increased, making average mortgage payments higher. The question of whether to buy or rent a home is often asked and, right now, you may actually be surprised to learn that you may benefit more from renting. As we approach 2020, renting is cycling back to being a more desirable and often more affordable option. There are many reasons for this trend, including the following:
Top Reasons Why Renting May Make Sense for You
- Owning a home often proves to be more costly than home-buyers recognize prior to buying. This is not to suggest that your dream of owning your own home should be pushed aside forever. There are many wonderful things associated with owning a home, but the truth of the matter is that many homeowners often end up surprised by, and sometimes buried under, the expenses associated with mortgage payments on top of repairs, upkeep, and HOA fees. And that short list does not even include taxes, which can also be high.
- You may have heard the old adage about renting effectively means throwing your money away, which is largely inaccurate. Right now, given the current housing market, you can actually save money while you rent, putting funds away for a down payment on a home down the road. Renting also offers you peace of mind, lower stress, more flexibility if the situation is not working, leaving the costs of repairs and other services in the hands of your landlord.
- Renting can prove to be significantly less expensive than buying. Market forces change, of course, and sometimes they change quickly. But the current trend indicates that, largely because of the skyrocketing prices for homes in many cities in the United States, the cost of renting is trending downward in comparison to the cost of owning. In addition, when you rent you often save on lower insurance and utility costs.
- Various market forces—such as interest rates, banks’ reluctance to lend money for mortgages, gentrification, and the economic resurgence of many cities—seem to be favoring renting over owning. This, of course, is not universal and the nature of trends is that they change.
Reputable Residential Moving Company
The housing market is a cycle and you should always review the trends and your unique financial situation to determine what is best for you and your family. Regardless of your decision to rent or buy, Capitol Moving & Storage can make your move seamless, straightforward, and less stressful. Our professional movers care about every aspect of your move and we make it easy for you to contact us for answers to all of your questions. You can email us at email@example.com or call us at (860) 415-4400.