There are many things that can make people take the leap from renter to owner. As any investor will tell you, the benefits of owning the place you live in outweigh any additional costs you might incur. In some instances, buying a house is actually cheaper than renting! In our latest post, we discuss some ways to decide if the time is right to go from renter to buyer, and finally buy a house in the Chicago area!
You’re Out Of Space
As time passes, we all tend to collect more and more stuff. This is especially true if you have been renting the same place for awhile. The 2 bedroom apartment might not be able to hold your bicycles, office equipment, tools and still allow room for guests. It’s at this point you might realize you might need to find a space that better meets your needs.
Rent Prices Keep Going Up
Every year rent prices seem to get higher and higher. However, the cost of living pay increases don’t always match up. With a fixed rate mortgage, you can ensure you will be paying the same amount month after month. You won’t find yourself suddenly paying an extra $200 per month when the landlord decides to increase the rent. Having this information allows you to better plan financially and will help you to better budget your money.
You Can Afford It
To be blunt, owning simply makes more sense. Every month you are investing your money into something tangible that is yours alone. By staying in the house for a few years, you are building equity which will help you financially no matter what you choose to do after buying the home.
You Plan To Live In The Area Awhile
If you like where you live, enjoy your job and don’t have any plans to leave the area, buying a house can be a much better choice vs. renting. Planting roots in a community you love is never a bad investment.
Tired Of Roommate Life
We have all been there. Whether we simply grow out of it or we’ve had one roommate too many eat all of our food, there usually comes a time when living with roommates is no longer the lifestyle we’re after. In some cases, homeownership can be cheaper than renting. Or if you need help paying your mortgage, you could get creative by purchasing a multi-family property and having the tenants cover the mortgage payment.
You Have A Growing Family
The house we buy at one phase of our lives isn’t always the house we want to be in 20 years down the road. Whether you are looking to upgrade or downsize your house, remind yourself that you do not need to live in the home forever, and there might be another house out there better suited to your needs.
You Are Ready To Make It Your Own
There is a great sense of pride that comes along with homeownership. You don’t have to own a grand castle to appreciate it. You can do whatever you want to the house to make it your own. From remodeling to redecorating, you are free to do anything you want to make the house your own. As long as it is up to code of course.
When you decide to buy a house in Chicago, the process can be exciting, financially beneficial, and give you peace of mind that you are finally in a home of your own!