Young people have been happy renting instead of buying for years. You probably even heard that Millennials aren’t planning to buy homes at all. It may have been true for the last few years, but all that’s changing now. A combination of the pandemic, rise in freelancing, and hybrid office styles mean that the up-and-coming generations need more space than an apartment can offer.
In short, homeownership is still a realistic dream. And not a future one, either. One you should jump on sooner rather than later. Here’s why:
Build Your Wealth
The most obvious benefit to buying a home is building your wealth. Stop building your landlord’s equity and build your own. Your equity is the probable market value of your home against your mortgage. The longer you own the house, the more you pay towards the principal, and the higher your equity should grow. The equity you build can then be used for your retirement, your kid’s college fund, or maybe that houseboat you’ve always dreamed of.
More Space
A house means more square footage. More square footage means more space from your partner, the kids, and neighbors. It also means you can plant a garden to grow your organic tomatoes or build a deck where you sip your morning coffee. You can even sit on your porch and complain about the youth with your elderly neighbor. The possibilities are endless.
End the Ever-rising Rent Frustration
Every year or 6 months, the landlord sends you a letter asking you to renew the lease. And every year the number next to your rent increases. Sometimes it’s only a few dollars, and other times it makes your eyes pop out of your head. The hassle of searching for a new place is overwhelming, so you bite the bullet and pay more. With a house, that’s not going to happen. Homes offer a stable monthly payment you can predict.
You Won’t Have a Monthly Payment Forever
One day you’ll pay off your mortgage and actually own the house. Then, you can buy an even bigger one.
What you need to know
Homeownership is still the dream. The freedom and flexibility benefits of owning a house outweigh renting an apartment for most people. When you’re ready to make your dream come true, contact your local real estate agent, and they’ll help you find the perfect place to call home.