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Articles tagged: Rent vs. Own

Home Buyers Guide Out-of-State Buyers

Buying a home makes more financial sense than renting

May 1, 2023

Why Buying a Home Makes More Sense Than Renting Today

Wondering if you should continue renting or if you should buy a home this year? If so, consider this. Rental affordability is still a challenge and has been for years. That’s because, historically, rents trend up over time. Data from the Census shows rents have been climbing pretty steadily since 1988.

“In March 2023, the U.S. rental market experienced single-digit growth for the eighth month in a row,” according to data from the latest rental report from Realtor.com. “The median asking rent was $1,732, up by $15 from last month and down by $32 from the peak but is still $354 (25.7%) higher than the same time in 2019 (pre-pandemic).”

With rents much higher now than they were in more normal, pre-pandemic years, owning your home may be a better option, especially as rents continue to increase year after year. In contrast, homeowners with a fixed-rate mortgage can lock in a monthly mortgage payment for the duration of their loan (typically 15-30 years). And, as home values typically rise over time and you pay off your mortgage, you build equity. If you’re trying to decide whether to buy a home or continue renting, let’s connect to explore your options.

Filed Under: Home Ownership Tagged With: Home Prices, Inflation, Rent vs. Own

4 hidden costs of not owning your own home

February 5, 2023

4 hidden costs of not owning your own home

There’s no arguing there’s costs associated with owning a home. But the opposite is also true; there are also definite costs associated with NOT owning a home.

The benefits of buying vs. renting has always been a hotly debated topic, with most people believing that — at least in the short term — renting is more cost effective. But most people don’t consider the hidden costs of not owning a home and sinking all of your money into your rental. Here are four sneaky ways that not owning a home will cost you:

1. Your cost is never guaranteed

When you own a home, there are no surprises when it comes to your monthly housing costs. Once you lock in your mortgage, your payment will remain constant throughout the length of your loan (unless you decide to refinance in the future). The stability of having a mortgage gives you the peace of mind of knowing what to expect each month — and not having to worry about unpleasant surprises that completely throw off your budget.

When you don’t own a home, you’re at the mercy of your landlord; they can (and often will) change the price of your rent often to keep up with market prices.

2. Investing in home improvement is a lost cause

Everyone wants to feel comfortable in the place they call home — whether they own or rent. When you own a home, making the improvements necessary to make your home feel comfortable makes sense. Whatever you do to improve your home will only increase the value, making it a sound investment choice.

But when you don’t own your home, making improvements to your home is like throwing money away. If you paint your walls or hang too much art on the walls, you’ll likely have the cost of getting the property repainted deducted from your security deposit when you move out. Some landlords might not even allow you to make any improvements or changes at all.Continue Reading

Filed Under: Tips for Home Buyers, Home Ownership Tagged With: Rent vs. Own

Infographic: Should I rent or should I buy?

July 15, 2022

It’s worth considering the many benefits of home ownership before you make the decision to rent or buy a home.

When you buy, you can stabilize your housing costs, own a tangible asset, and grow your net worth as you gain equity. When you rent, you face rising housing costs, won’t see a return on your investment, and limit your ability to save.

Should I rent or should I buy?

If you want to learn more about the benefits of homeownership, let’s connect today.

Filed Under: Home Ownership, Tips for Home Buyers Tagged With: Infographics, Rent vs. Own

Infographic: Rent vs. Own

June 18, 2021

Owning a home has distinct financial benefits over renting. When you rent, you build your landlord’s wealth, your monthly payment depends on ever-rising rents, and you don’t benefit from home price appreciation. On the other hand, when you own your home, you build your own wealth, your monthly payment is locked in, and you benefit directly from home price appreciation.

Owning a Home Has Distinct Financial Benefits Over Renting

If you’re feeling the challenges of a competitive market, remember that homeownership is a long-term game. Persevering today will lead to financial rewards in the future.

Filed Under: Tips for Home Buyers Tagged With: Infographics, Rent vs. Own

5 financial benefits to owning your home instead of renting

January 3, 2020

Owning will always be better than renting

Owning a home has great financial benefits.

In a recent research paper titled “Homeownership and the American Dream,” Laurie S. Goodman and Christopher Mayer of the Urban Land Institute explained:

“Homeownership appears to help borrowers accumulate housing and non-housing wealth in a variety of ways, with tax advantages, greater financial flexibility due to secured borrowing, built-in ‘default’ savings with mortgage amortization and nominally fixed payments, and the potential to lower home maintenance costs through sweat equity.”

Let’s break down five major financial benefits of homeownership:

1. Housing Is Typically the One Leveraged Investment Available

Homeownership allows households to amplify any appreciation on the value of their homes by a leverage factor. A 20% down payment results in a leverage factor of five, meaning every percentage point rise in the value of your home is a 5% return on your equity. If you put down 10%, your leverage factor is 10.

Example: Let’s assume you purchased a $300,000 home and put down $60,000 (20%). If the house appreciates by $30,000, that is not only a 10% increase in value but a 50% increase in equity.Continue Reading

Filed Under: Tips for Home Buyers, Home Ownership Tagged With: Home Equity, Rent vs. Own

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Russ Fortuno, Associate Broker

I'm a Southern Arizona native and Quail Creek resident. Whether you’re buying or selling a home in Quail Creek, you’ll experience unsurpassed service and professionalism at all stages of your real estate transaction. I welcome the opportunity to assist in your next home sale or purchase.
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Tierra Antigua Realty

18745 S. I-19 Frontage Rd., Ste. A105
Green Valley, AZ 85614
(520) 333-0446
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This site is not affiliated with Robson Communities or the Quail Creek Country Club Property Owners Association.
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