Is Home Ownership better then Renting?

July 25, 2013

Many people find the idea of purchasing a home a tough decision. They go through being a homeowner over and over in their heads, weighing the pros and cons. Some people have made the decision to purchase a home now, and yet may have student loans, high credit debt, or other factors that could affect their purchasing power. Others are unsure of what their payments may be or if they’ll be able to afford it with the current interest rates and other costs associated with a new home. These are questions that can easily be answered by speaking with your Loan Officer and local Realtor.

As a licensed Realtor in Minnesota and your local real estate economist in the Twin Cities Metro Areas, my team and I have found that if you were to rent a house in Plymouth (for example) the rental rates are typically ranging anywhere from $1,300 and up. You could also purchase a home in the $150,000’s and your average monthly payments would likely be around that very same price point (depending on the interest rate you lock in at and your specific lending needs). So by paying about the same amount being a homeowner, you would have the opportunity to gain equity and stake claim on the American dream.

All in all, if you can own a house for nearly the same monthly payments as if you were to rent, why wouldn’t you? What is stopping you from moving forward with your dreams? Putting the idea of purchasing a home on the back-burner could put off the process for longer then you may expect. So if you are renting and want to purchase, talk to a professional and find out what it takes to purchase your new home, today!

If you have any further questions on buying a new home, or selling a home, please contact me today. I am a licensed Real Estate Professional in the Twin Cities Metro and Greater Minnesota Areas and strive to provide the best real estate service, with the support of my team the Better Living Group, for all of my past, present and future clients.

rent-vs-buy-a-home

Chelsea Knutson
Realtor- GRI, ABR, CDPE
763-496-2903
the Better Living Group
Keller Williams Classic Realty NW