Reasons Why A Mortgage Is Better Than A Rent

by Del Fava | Parker 09/29/2019

Many people shy away from this topic; they think it’s something way out of their league. Deciding to buy a home requires a lot of planning and saving, it’s not a decision made over the night. Remaining a tenant is not bad especially if you can’t afford to buy a house just yet. However, deciding to stay a tenant forever without any plan to get your property is not a great idea.

Buying a house and continuous mortgage payment especially during the first year is capital intensive, but over time, you would begin to enjoy the benefits of the decision to buy. Living as a tenant has its advantages; however, becoming a homeowner has more advantages. Below are reasons why you should buy rather than rent.

Allows You Save Over Time

When you become a homeowner, the word ‘forced to save’ comes to play. For you to be able to make your monthly mortgage payments, you would keep a certain amount aside which would go into your home. Economically, this is a wise decision as it helps you build ROI and equity unlike when you pay for a rented apartment.

Creates Stability

Becoming a homeowner gives you a sense of balance and security. If you decide to get married or if you are already, owning a home eliminates the burden of moving from one location to another. When you become a homeowner, your kids grow up in a stable and secure environment.

Freedom Of Activities

Living in rented apartments limits what you can do. Many landlords have rules they put in place to keep their property running smoothly. When you decide to take a mortgage, it gives you the freedom to customize your space the way you like; it allows you to decorate, you can choose to invite guests over or even get a pet. 

Allows You To Get A Second Stream Of Income 

Deciding to take a mortgage allows you the opportunity of having a second stream of income. The property is yours, and you can choose to let out a room, rent out the garage, rent out a part of your yard or your driveway. The whole idea is that you can monetize your property without having to report to anyone.

The Cost Of Mortgage Remains The Same, Unlike Rent That Increases

Fixed mortgage rates do not increase irrespective of the economic position. Landlords are not bothered about if you got a salary increment or not at your job; they typically tend to increase the cost of your rent yearly. Paying for your mortgage is settling the bulk of your housing payments which helps you attain budget stability. 

If you are in doubt about which decision to make (rent or buy), speak to a real estate agent today to help you assess your readiness to own a home.

About the Author
Author

Del Fava | Parker

  

Doug was born and raised in Sonoma County with over 40 years in the real estate business; a well-connected, down-to-earth “people” person; devotes a great deal of time to working with both buyers and sellers in person.

Shannon has many years in business organization and administration; with over 15 years in the real estate industry; strength is in marketing properties and follow-up; devotes a great deal of time to the “behind the scenes” logistic work.

As a team we represent two strong elements of personal contact and business effectiveness. We have perfected aggressive networking and marketing systems which attract clients locally, nationally and throughout the world. These elements are expected by consumers in today’s fast-paced, high tech, and competitive marketplace.

We have successfully represented buyers and sellers of luxury estate, ranch, vineyards, investment, commercial and residential properties throughout Sonoma, Napa, and Marin counties for over forty years. We have invested time and money to establish a long-term position in the real estate industry; emphasizing an honest, hard-working, straightforward business approach. We have developed a system of working together that offers our clients comprehensive and personalized service along with negotiating techniques that consistently result in a win/win situation for everyone.

Consistently recognized as industry leaders, we passionately believe that contributing time and expertise to the community has enhanced their continued success and recognition as experts within the real estate community.

At W Real Estate, our clients and their goals are our first priority, without compromise. Whether buying or selling, our network is far reaching, and we ensure each and every client is completely satisfied. This is our commitment to you and our community.

We not only work here, we live and play here. We are proud of our community, and we know it like no other--the people, the locations, what sets them apart. And this is what sets us apart.

W Real Estate is Sonoma County's top real estate brokerage, year after year. Our agents consistently rank in the top 1% of all agents in Sonoma County, and sell properties at a higher value than our competitors. When you hire a W Real Estate agent, you hire a team of exceptional real estate professionals. Not only will you receive the best real estate advice and outcome with your chose agent, but you will also benefit from a full-time marketing expert, a dedicated listing manager to coordinate the logistics of prepping and showing your home, and a highly skilled transaction coordinator to manage the complicated paperwork, just to name a few. We're here for you - all of us.