Rent Vs. Own… Or both?!
To rent or to own that tis the question! And a question we get very frequently. So many people who are in rentals right now don’t even realize that they could potentially be on the road towards home ownership. Here are the top 5 reasons why we always say to buy vs rent. And maybe one day, be able to own a rental(s). I hope you enjoy this blog!
- Help yourself to gain equity.
Having your own equity means you have your own line of equitable credit. If you run into an unfortunate situation, you can tap into your equity which is your own loan. Homes each year either go up or down in current market value. That’s why when you are purchasing it’s important to make sure there is some value still left to be had in the home.
- Sense of pride
Owning your own home is such a huge accomplishment. Only 65.9% of the US population currently owns homes. Between the Greatest Generation (Born before 1928) and Generation Z (born 1997-2012) that makes up approximately 89.43% of the population, and only 65% of the population owns homes. That is a large gap! However, we have hit some of the highest percentages of home ownership since 2011. Prior to that the highest homeownership percentage was in 2004 before the recession hit. That being said, there is so much opportunity to own your own home and have a sense of pride.
- Make changes when you want, where you want, and how you want!
Have you ever been renting a home or an apartment and wanted to change out the appliances, floors, cabinets, and even paint? But most of the time you’re not able to make those personal touches. In by book, this is one more reason to buy a home. You can take a home and completely add all of your own personal touches to it. Making it truly your own!
- Building your own portfolio
Everyone is wanting to invest these days. Whether it is crypto, fine art, NFT’s, or real estate everyone has the itch to make some sort of passive income. One of the best ways is to invest in real estate. Build your portfolio by buying homes that need TLC and turn and sell it, buying homes that give you a good return on investment by putting renters in it or turn it into an Air B&B, or buying your own home and letting the equity continue to grow, etc. There are so many ways you can expand and grow with real estate which is why it makes it my first priority when it comes to investing. I always recommend to first time homeowners to do the same.
- A place to Call home.
Owning a home means having a place to call yours. For all your friends and family to come gather without time restrictions, parking issues (sometimes), and time constraints. Being able to provide a central location to enjoy BBQ’s, birthdays, and holidays is so important! Most people want the “American Dream” which really does start with owning a home you can call yours!
We hope you are enjoying our weekly blogs! If you have topics you are wanting more information on please comment below and we would be happy to help with anything! As always, feel free to reach out to us.
Sincerely,
Jo Ann Gould, Principal Broker & Owner of Gould Realty
541.480.3115
&
Elle Frias, Broker with Gould Realty
541.588.0449