Owning vs. Renting
As your local Camarillo Realtor and real estate team, we understand that many first time home buyers contemplate the pros and cons of owning a home versus renting. The path to home ownership can feel overwhelming, particularly for those that have never been down this particular path before. As your Camarillo Realtor and real estate team we are here to help support you every step of the way and to make the process seem a bit less daunting. In general, it almost always makes more sense to be a homeowner rather than rent long-term. See below for some of the greatest benefits to home ownership.
• Pay yourself, not a landlord: As you live in your home it will continue to increase in value over time. Along with the payments that you make towards your principal every month, the increase in home value allows you to build equity in your home. When you rent long-term it is like having an interest only loan that you can never get ahead of.
• Mortgages are cheaper: The rental market will forever continue to rise as the market allows for inflation. With a mortgage you are locked into a set payment that you can count on with no surprises. With a mortgage you also have the ability to refinance, and eventually you will pay off your mortgage and have no debt or payment to make.
• Stability: If you plan to stay in your current location for some time, it almost always makes more sense to purchase. Renting can be a great short-term solution if you need a temporary stay. However, renting can be a costly solution long-term, and you are building wealth for your landlord instead of yourself.
• Freedom: Have you always wanted to knock down that wall in the living room to create an open concept flow? Perhaps you have wanted to paint a few walls but have hesitated because your landlord would not like it. With home ownership you have the freedom to design the inside of your home any way you like!