To Rent or to Buy? That Is the Question.
If you've been renting in Maine for several years, you may wonder if it's time to purchase or continue renting. Unless you are planning to relocate to another place in a couple of months, purchasing a property is an amazing option. Let me walk you through the indisputable advantages of home ownership.
Building Equity
The initial costs of purchasing a home might seem overwhelming. How am I going to get several thousand dollars for a down payment? We’ve all been on the struggle bus with this question. Well, there’s always help available. Not only getting a mortgage from the bank but also applying for help through Maine Housing’s Advantage program can do wonders.
Whatever you choose, you should always remember that buying a home is a great hedge against inflation. Think of it this way. The money you’re saving right now is diminishing in value due to inflation year after year. However, once you invest it in a new home, you get a formidable property that you could sell at a higher price in the future.
No wonder! I’ve seen clients who substantially increase their home’s value by taking care of their property, such as by adding a backyard sports court or a garage. If you're renting, once
you move to a new place, you’re left with nothing on your hands. Not only that, even if you’ve been renting the same place for many years, you can’t even add those personal touches to it without the landlord’s permission.
Sense of Community
Becoming a homeowner isn’t all about finances. When you search for a property, you consider many factors: the neighborhood association, schools, and nearby amenities, to name a few. Moving into a house that you own feels permanent. Here you can settle down with your family, see your kids grow, and make friends with neighbors.
On the contrary, when you rent, you can never be sure of tomorrow. What if your landlord decides to sell the house? In that case, you will be forced to move, losing touch with the other tenants you may have befriended. Also, rental places are often subject to the tragedy of the commons. Unless all tenants are super invested in keeping the place clean, it can all too soon disintegrate due to a lack of love and care. In the end, everyone just defaults to thinking that it’s the landlord’s responsibility to take care of the place.
Buying a house may feel stressful. No kidding! It’s probably one of the most important investments an average mortal, like you and me, can make in our lives. Yet, if you are in doubt about whether to be or not to be, to buy or not to buy, the latter option outweighs the former. I’m Kelly Wentworth, and my priority is to help you find your very own small paradise in Maine. Contact me today for a consultation!
