The age old question that we’ll probably never see die, “Should I rent, or should I buy?” is something that most people that are contemplating buying a home in the North Shore ask themselves. While renting may have benefits for some, it is usually a better idea long-term financially to buy a home in the North Shore rather than renting.
We’ll take a look below as to why it may be better to buy versus renting a home:
- When buying a home having an equity that you can use is always a good thing for homeowners. Having that safety net of equity is good for emergency home repairs you may need or paying for a child’s college tuition or any other expenses for that matter. Having that equity also makes you a much more appealing candidate for a loan if you were ever to need one for something else.
- See it as an investment
- Owning a home is better for you financially in the long run. Let’s do a little math here: You buy a home for $300,000 and put 20% down ($60,000), your mortgage payment will be will be $1,541.63 at a 4% interest rate for 30 years. At the end, you own the house and hopefully it is worth more than you originally paid. If you pay about $1,540 per month in rent for 30 years you’ll have paid about $554,400 when it’s all said and done, and have no assets to show for. (These are all rough estimates, things like rent can change over time)
- More Freedom
- Are you a dog person? How about cat? Well if you rent there may be restrictions on whether your beloved fluffy can come along or not. Certain landlords may restrict pets or charge even more for them leaving you in a tough situation with more limited options. Hate the paint color of the living room or is the bathroom completely hideous? When renting you don’t have control over any major parts of the house or apartment- which is a hassle if there are outdated or just plain ugly fixtures in your abode.
- Mortgages may be cheaper than rent per month
- Mortgage rates are relatively low as of right now (hovering around 3.7% for a 30 year fixed rate) so it is generally considered a buyers’ market. This is good for people thinking about buying homes in the North Shore because it could actually be cheaper on a monthly basis to pay your mortgage than it would be to rent a house of similar value. Not only would you save short term monthly, you would be paying towards something you own at the end.
If you think you are ready to take the plunge into home ownership on the North Shore why not have Dooley & Mason Realty Group help you find the perfect home? Our highly experienced and licensed agents will guide you through the home buying process with ease and stress-free. If you’re looking for a realtor in the North Shore give us a call today at 978-644-1300 and we’ll assist you on finding your dream home!