Buying a Home in Northern Virginia Has Many Advantages Over Renting

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Buying Requires Less Income Than Renting

Tired of being a renter and getting what seems like a less than ideal living situation than you’d like? If you’ve ever thought of becoming a homeowner, now might be the time to start thinking seriously about the advantages of buying a home instead of renting. Interest rates are again at all-time lows pushing mortgage rates lower. Lenders have flexible programs for all types of $0 to low down payment scenarios. There are even programs for credit scores below 600. You might be surprised by what you stand to gain when you put your hard-earned money to work for your future.

Mortgage Payment Less Than You’re Spending In Rent

Rental costs have been on the rise for years. In fact, did you know the average rent in the Washington DC metro area increases by 4% a year. For most renters it’s inconceivable that they can pay the same or less per month on a mortgage payment than what they’re paying in rent, but it’s true. I prepared a case study specifically detailing how a Falls Church townhouse cost $417/mo less to own than to rent. That home also required 20% less income to qualify for a mortgage loan than the income required to qualify for a rental application. See the full article here – The Advantages of Buying vs. Renting; Either Way You’re Paying a Mortgage!

Owning a Home is a Solid Investment & Wealth Generator

It’s no secret that real estate continues to be a great way to invest in your future. You build thousands of dollars in equity each year by paying down the loan with each mortgage payment. Additionally, did you know the average home price in the DC metro area has appreciated 5.1% year-over-year since 1975? Owning a home is equivalent to a $15,000 pay raise each year ($300,000 price assumed).
“If you’re not prioritizing home-ownership, you are making a costly mistake. Buying a home is the escalator to wealth in America. The net worth of homeowners is 40 TIMES (40x) greater than renters.”  – David Bach, AE Wealth Management

More Control = More Freedom

You’re the decision-maker when you own your home. No more unexpected rent increases from the landlord that doesn’t fit your budget. No more hassle of moving every few years. There’s no more asking the landlord again and again to make simple repairs. You choose how to handle repairs and upkeep. Likewise, you choose whether or not you want pets, and of course, you’re also free to remodel and make any changes you please.

Better Environment = Happier Living

Imagine no more noisy neighbors in the apartment next door, upstairs or smelling who cooked fish that night. How about eliminating the long walk from the parking lot to your front door, especially just after going to the grocery store? The great thing about buying a home is you decide the conditions that feel like home to you. Did you know the stability and security of owning a home have been proven to positively impact childhood development and performance in school?

Financial Perks

Becoming a homeowner comes with big benefits for your wallet and wealth plan. Obtaining a fixed-rate mortgage to buy your home means that your payments never fluctuate, allowing you to know exactly how much you’ll be spending from year to year. Homeowners can itemize at tax time, taking significant tax deductions for interest and property taxes. This increases your take-home pay with each paycheck.
Please contact me to discuss your home-ownership goals and let me show you how easy I can make buying a home.

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