When the economy plunged in 2008, the housing market additionally suffered many consequences. Those who consided purchasing a home put the idea on the back burner and have since continued renting. This event monumentally affected the real estate market. Professionals in the industry continue encouraging those with the capabilities of buying to do so.
One of the major selling points for those debating between buying and renting is the sheer fact that once you buy a home, it is all yours. Of course many still report to a mortgage company, but the ability to manipulate or change the home in any way is a great advantage for many. Once purchased, a home become a great investment for a family or individual. Any additions or changes made to the house helps increase its value for future sales. Other factors many rental properties lack is the allowance of certain features or animals. For many, buying a home means finally having a pet that leasing a home prevented. As a homeowner, the freedom to have or change anything about the house (within reason) is a significant benefit.
For those weary about buying a home, finances likely become the main excuse against making the purchase. Luckily, sites such as Zillow, allows potential homeowners to calculate and determine how long it would take as a homeowner to save in the long run. In most scenarios, buying a home outweighs renting costs, even if it takes 2-4 years. When considering becoming a homeowner, making sure to save enough for a down payment becomes crucial. Many purchasing a home for the first time do not realize the importance of a significant down payment. The higher down payment that is made, provides mortgage companies more flexibility.
Though there is no certainty that the housing market will never crash again, it certainly remains in high spirits these days. Recent studies have shown that 66% of housing markets in the U.S. are now more affordable to buy within than rent. With the benefits provided through buying a home now is the ideal time to invest in homeownership. The freedom owning a home provides along with the inevitable savings to come creates an opportunity all should take advantage of.