With housing prices rising at a breathtaking pace in many markets, current homeowners are increasingly seeing the investment value of their property. At the same time, those who have been sitting on the sidelines waiting to buy a house are wondering if housing prices are too high. After all, solid financial wisdom tells you to buy investments at a low price and to sell high. While real estate can be a great investment, there are many other reasons why buying a house makes sense.

A Stable Living Experience
When you rent a house or an apartment, there is always some uncertainty about what will happen at the end of the lease. Will the landlord raise your rent or change the loan terms? Will you be asked to vacate for any number of reasons even if you are not ready to do so? If your rent increases, how will that affect your finances? When you own a home, you have a stable housing expense for the life of your fixed-rate mortgage. Also, the length of time that you live in the house is your decision.

Ample Space and Comfortable Amenities
In many cases, your monthly housing expense may be higher when you rent rather then when you are a homeowner. Because you can lock in your mortgage payment, owning your house will progressively be a financially superior option compared to renting. At the same time, you can potentially enjoy a larger living space and amenities like a backyard and a garage.

Personalization and Pride
When you own your house, you are free to paint the cabinets, change the light fixtures and make any other improvements that you wish to make. Homeownership often comes with a sense of pride. This can be magnified when the home is decorated according to your personal preferences and when it comfortably meets all of your needs.

Are you wondering if you can afford to buy a house? Our MortgageDepot lending team is happy to help you explore the home loan options that you may qualify for.

Contact one of our loan consultants today to learn more.

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