If you are looking for a place to live, you are probably debating whether it is a wiser choice to rent or purchase a home. There are certainly numerous advantages and disadvantages to both buying and renting. Renting means less upfront investment and does not require the level of commitment buying entails. However, for many, buying is a smarter financial and personal choice for the long run. And, it doesn’t have to be as hard as you think!
It is common for people to be daunted by the huge down payment figures, as it can take years to save the typical 20% down. If you are purchasing a $200,000 home that is a $40,000 payment upfront. However, there are many options now that require a reduced amount, making it much less painful to make a purchase than you think. According to Investors Business Daily, in 42 states it is less expensive in the long term to own a home than to rent, including here in New Hampshire. On average, here your savings could amount to $235 a month. That is nearly $3,000 in savings per year!
Purchasing a home is an investment. You are working towards something that is yours, rather than paying someone else’s bills. Each monthly payment you make increases your equity and it will continue to rise as the value of the home does as well. Building equity can offer significant financial flexibility for the future to use your equity on home improvements or other investments. Why not take the opportunity to create an investment for yourself rather than your landlord.
As mentioned earlier, the down payment on a home is the reason most avoid purchasing a home and continue to let their money slip away to monthly rent bills. At one time buyers were required to have the traditional 20% down payment to even apply for a mortgage.
Now, with many other programs available, specifically targeting first time home buyers, you could put down as little as 3-5% or sometimes even no down payment. Of course, it is better to have some amount to put down, to keep your monthly payments lower and avoiding any additional fees or insurance requirements. Don’t let the fear of not having $40,000 in your bank account stop you from chasing your dream of purchasing a home!
It’s All Yours!
What better freedom than to be able to personalize and update your home to your liking, whenever you want? Paint the walls, tear up the carpeting, drill shelves into the walls, the possibilities are limitless. You don’t have to ask anyone’s permission but your own. You can make all your home-owning and interior design dreams come true.
Are you dreaming of owning your own home here in the beautiful Mount Washington Valley, but decade-old myths are holding you back? Don’t wait to make the right move! We can help you find the perfect home and guide you to the one that will help you make the most of your money. Contact Us Today at Pinkham Real Estate and let us make your dreams a reality!