Why Rent When Theres Never Been a Better Time To Buy Real Estate

Renting a property Vs Buying a property

Buying a house is a momentous and often stressful decision. Although the process can seem overwhelming at first, thankfully there have never been more resources at your disposal or at a better time to buy than now.

The primary reason that it always makes sense to purchase a home over renting is the ability to build equity over time. A monthly rental payment is often the single biggest expense in any given month. Unfortunately, the renter is never going to see any of that money again.

Mortgage payments are often comparable or less than the same property would rent for in many markets. By purchasing a home, renters can in turn put these same monthly expenses toward ownership. For many individuals and families, the equity built up in a home through paying off a mortgage often becomes their largest lifetime asset.

One recent trend making it an even better to buy instead of rent is the relatively low cost of financing. For years, interest rates have been at historic lows meaning it has never been cheaper to borrow the money for a mortgage.

Once you investigate or secure financing, it's time to find an agent and search for properties. In recent years, the internet and other technological developments that transformed so many aspects of our lives have fundamentally altered the hunt for a new home.

Today, rather than relying on recommendations or even reviews, it's possible to submit some basic information like price range and unit specifications, then have realtors compete over your business. Even if you are unsure about beginning the search, getting out to view some properties is a risk free and helpful way to refine what you're looking for.

If you'd rather begin the search from the comfort of your current home, then there are plenty of websites that will allow you to screen listings online as well as provide helpful information on the fundamentals of a property or neighborhood. Even if you are already working with an agent, there are many great online resources for comparing alternatives or learning about new suburbs.

Finally, when you have done the research and are ready to make an offer or close on a purchase, there is a wealth of information and resources at your disposal.

Most cities and counties have digitised property databases, at least for recent years, allowing you to quickly look up deeds and tax information on a property without undergoing a costly and time consuming search.

Finding an inspector, handyman, or specialist for any work that may arise during or after closing has also become much easier in recent years thanks to the wide adoption of user friendly databases with verified, peer reviews of providers.