As a renter, you’re constantly faced with the same dilemma: keep renting for another year or purchase a home? Your answer depends on your current situation and future plans, but there are a number of benefits to homeownership every renter needs to consider.

Here are a few things you should think about before you settle on renting for another year.

1. Rents Are Rising Quickly

Rent increasing each year isn’t new. Looking back at Census data confirms rental prices have gone up consistently for decades (see graph below):4 Things Every Renter Needs To Consider | Simplifying The MarketIf you’re a renter, you’re faced with payments that continue to climb each year. Realtor.com recently shared the September Rental Report, and it shows price increases accelerating from August to September (see graph below):4 Things Every Renter Needs To Consider | Simplifying The MarketAs the graph shows, rents are still on the rise. It’s important to keep this in mind when the time comes for you to sign a new lease, as your monthly rental payment may increase substantially when you do.

2. Renters Miss Out on Equity Gains

One of the most significant advantages of buying a home is the wealth you build through equity. This year alone, homeowners gained a substantial amount of equity, which, in turn, grew their net worth. As a renter, you miss out on this wealth-building tool that can be used to fund your retirement, buy a bigger home, downsize, or even achieve personal goals like paying for an education or starting a new business.

3. Homeowners Can Customize to Their Heart’s Content

This is a big decision-making point if you want to be able to paint, renovate, and make home upgrades. In many cases, your property owner determines these selections and prefers you don’t alter them as a renter. As a homeowner, you have the freedom to decorate and personalize your home to truly make it your own.

4. Owning a Home May Provide Greater Mobility than You Think

You may choose to rent because you feel it provides greater flexibility if you need to move for any reason. While it’s true that selling a home may take more time than finding a new rental, it’s important to note how quickly houses are selling in today’s market. According to the National Association of Realtors (NAR), the average home is only on the market for 17 days. That means you may have more flexibility than you think if you need to relocate as a homeowner.

Bottom Line

Deciding if it’s the right time for you to buy is a personal decision, and the timing is different for everyone. However, if you’d like to learn more about the benefits of homeownership, let’s connect so you can make a confident, informed decision and have a trusted advisor along the way.

Check out our Market areas pages to find Berthoud real estate for sale, Estes Park real estate for sale, Fort Collins real estate for sale, Greeley real estate for sale, Livermore real estate for sale, Loveland real estate for sale, Red Feather Lakes real estate for sale, Windsor real estate for sale, Wellington real estate for sale.,

About the Author: Fred Porter

Fred has lived in Northern Colorado for the past 30 years and has been a northern Colorado Realtor full time since 2013. In an effort to keep his clients informed he periodically writes articles about the market and economy. If you have questions please contact Fred at: fred@porterrestate.com

Leave A Comment

Find Your
Dream Home!

Search

Search
Mountain Homes!

Search Mountain

Search
Luxury Properties!

Search Luxury

Didn’t find it?

Sign up below and receive new listing alerts in your email daily

New Listing Alerts