but once you're on your feet and ready to make decisions for your financial future, there are many massive benefits to switching from renting to buying. The process may seem daunting to consider, but it's a worthwhile option that can help lead you to better financial decisions and the steps can be manageable at any point in your life. Let's discuss both why to switch from renting to owning as well as how to start this process!
The benefits of owning compared to renting are numerous! Renting is not only more affordable in most locations, but this rings true especially in communities dominated by millennials. While the most hesitant to switch into home ownership are often millennials trying to get up on their feet financially, they can actually be the ones who would benefit most from it. College towns and areas known for being popular with youth are also tied to much higher rent prices, which can dominate someone's income.
Ownership allows you more control over your property. You get to enjoy the freedom of having a home that is truly yours to do with what you want, from painting to expanding, to major renovations. Home buying is also a wonderful investment. When you rent, you're choosing to spend continuously, but with home ownership, you're investing in an asset that can be paid off. If you're going to be paying monthly for a home, wouldn't you rather know your payment is going towards a dream of paying off housing completely as opposed to simply being your next monthly installment?
Home buying may seem like a steep cliff to scale, but there are steps of the process to focus on one at a time. You can start this process long before you even think to start it by saving up. Saving for a downpayment and closing costs is a must, so no matter how far your ideal home ownership journey is away, starting with this step is crucial. Especially if you're a millennial or college student entering this process, a financial planner may be the key to ensuring you can properly save up and prepare for it. The next step once you've saved some money is to look into loan pre-qualification! This is important to let you know how much money you can borrow in order to make a home purchase. Getting attached to the home search before knowing your limits may become a disappointment! Don't start seriously looking at options before you've achieved pre-qualification.
No matter your stage in life, considering the switch from renting to homeownership is one that can have a huge impact on your finances and lifestyle. I am here to help you through the process, starting with weighing your options.
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