While many people are reluctant to buy in a down economy, there are actually many good reasons you should buy instead of rent – even in an economic downturn. Consider these five reasons you should buy instead of rent, even in a recession:
1. More people renting = higher rent.
Unfortunately, more people are renting apartments these days. With the number of people foreclosing on their homes, and people unwilling to make a purchase right now because of economic worries, the rental market is far more active than the home-buying market. This is bad news for renters, as landlords can afford to raise rents and still find tenants. It's good news for buyers, though, because people trying to sell their homes may be more willing to make a deal.
2. If your landlord can't pay his mortgage, you're out of a home.
The recession isn't just affecting owner-occupied homes. If your landlord has trouble making the mortgage payment on your rental property, you could be the unwitting victim of a foreclosure and eviction. When you're renting, you rely on your landlord's ability to pay his bills. If he can't, you're out of a home.
3. You're throwing money down a bottomless hole, instead of building equity.
We all know that renting is throwing money down a bottomless hole, but it bears repeating - especially in this economy. It's far better to be building equity in your own property when you make your mortgage payments than to be throwing your money down a bottomless hole and building equity in your landlord's name. When you build equity, you're building ownership of a property, and you're also building a pool of money that you can tap later if financial circumstances warrant it.
4. You don't have control over your property and can't implement money-saving improvements.
One of the biggest boons that homeowners have in a down economy is the ability to implement money-saving improvements on their properties. Pay far too much money to heat your property in the winter? Homeowners can replace the windows, but renters are stuck at the landlord's mercy when it comes to implementing money-saving improvements.
5. With a downward shift in home prices, you can buy cheaper than renting in some places.
Buying a home has never been a better choice in some locations. With home prices naturally balancing from their previously inflated levels, you can actually buy a home cheaper than renting an apartment in some areas. If you're able to move further away from the city - even a ten-minute drive - you can generally get more space for the same price or even cheaper. With less people buying and more people renting, rental prices are even going up in some areas, leaving buying the cheaper option.
Don't miss out on this opportunity to save some cash by buying and begin building equity in your very own home! If you're ready to throw off the shackles of renting and purchase your own home, then let us help you start building equity in your future, today!
Great Deals are everywhere right now and we find them all over the United States.
Let us know if we can help find your next great deal.
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