Both house and rental prices have risen, pushing many to contemplate the benefits of buying vs. renting in 2022. Renting is usually the more affordable option, but with rent payments being nearly equal to buying a home, is waiting to buy a home even worth it?
Don’t worry because several significant differences could make purchasing your own home a better choice for you. Let’s break it down…
Owning a home is a clever way to build lifelong wealth. A house is a valuable asset — its value is more than just a place to reside in.
It’s been known that real estate properties’ value grows over time or appreciates. No other assets can top owning a house to build your wealth more consistently. If you rent, you’re building your landlord’s wealth, not your own.
Purchasing your property and taking care of it for the long-term guarantees its value will grow over time. Property ownership is one of the best ways to build sustainable wealth –but you don’t have to be wealthy to get started.
Just one home, your primary home, is sufficient enough to make a real difference in your personal wealth.
The cash you use for paying rental costs is money you can’t get back. When you rent a home, you make monthly payments for a house that’s not yours, which means you don’t build equity.
A house is a huge purchase, but considering the ever-increasing rent you have to pay, purchasing and owning a home will eventually be more affordable.
In many instances, purchasing a house can be similar to rental costs. And paying off a home you own is ten times better than paying off your landlord’s asset.
Most homeowners will concur that the peace, privacy, and stability of having a house is worth it. Buying a property means your kids will always have a place to call home, create lifelong friends with those who live close to your area, and be a part of the community for generations to come.
For many Americans, the concept of living mortgage-free or rent-free is very enticing. You wouldn’t be able to do this if you chose to rent a house.
Obviously, you will still have to be responsible for paying insurance and property taxes, but those expenses are way cheaper compared to making monthly rental payments.
If you’re still contemplating if you should rent or buy, work with our mortgage experts to explore your options. With home equity and protection against inflation on the line, it might make more financial sense to purchase a house if you can buy one.
At Pacific Mortgage loans Inc., we've been helping customers afford the home of their dreams for many years and we love what we do.
Company NMLS: 342935
Company DRE: 01400742
Pacific Mortgage Loans, Inc.
3455 Ingraham Street
San Diego, CA 92109
Office (858) 228-5060
Direct: (858) 220-9039
Pacific Mortgage strives to ensure that its services are accessible to people with disabilities. Pacific Mortgage has invested a significant amount of resources to help ensure that its website is made easier to use and more accessible for people with disabilities, with the strong belief that every person has the right to live with dignity, equality, comfort and independence.
Pacific Mortgage makes available the UserWay Website Accessibility Widget that is powered by a dedicated accessibility server. The software allows MikeTheLoanGuy.com to improve its compliance with the Web Content Accessibility Guidelines (WCAG 2.1).
Pacific Mortgage accessibility menu can be enabled by clicking the accessibility menu icon that appears on the corner on the page. After triggering the accessibility menu, please wait a moment for the accessibility menu to load in its entirety.
Pacific Mortgage continues its efforts to constantly improve the accessibility of its site and services in the belief that it is our collective moral obligation to allow seamless, accessible and unhindered use also for those of us with disabilities.
Despite our efforts to make all pages and content on Pacific Mortgage website fully accessible, some content may not have yet been fully adapted to the strictest accessibility standards. This may be a result of not having found or identified the most appropriate technological solution.
If you are experiencing difficulty with any content on Pacific Mortgage website or require assistance with any part of our site, please contact us during normal business hours as detailed below and we will be happy to assist.
If you wish to report an accessibility issue, have any questions or need assistance, please contact us by sending an email to: Mike@MikeTheLoanGuy.com