Source From NMHC

Source From NMHC

As a person becomes older, they can often times be pressured by family and friends to purchase a home. Often times, purchasing a home may not necessarily be the smartest investment for them at that particular time. Take a look below as we break down why you should rent versus own a home.

why should you rent

  • Mortgage Payment.  On average, a homeowner should expect to spend 1 to 2% of your houses' value annually on maintenance. For a $200,000 house, that means $2,000 to $4,000 a year for maintenance. And that does not include property taxes, insurance, home improvements, decorating or landscaping. Owning a home also requires the ability to be prepared for the unexpected, like the furnace went out, or roof needs repairing. Renters, on the other hand, have the convenience of knowing exactly how much their housing is going to cost them each month.

Mammoth Springs Apartments,Townhomes & Lofts                        N63 W23217 Main Street #200   Sussex, WI 53089

  • Sellers Market.  With interest rates at a staggering low rate, this creates an abundance of buyers out on the market competing against each other for the same home, creating a sellers market. You may have a low interest rate, but now you will pay higher premium for the home and could lose out on first time home buying incentives.
  • The Risk Is Real. Nearly 40 percent of today's foreclosures involve a single family home, condominium, or other housing rented out by it's owner. 
  • The Professional Advantage. Professionally managed apartments, like Mammoth Springs, not only offer a greater degree of financial security, we also provide residents with a much higher standard of service, including 24/7 on-site maintenance, first- class amenities and a higher standard of customer care.
  • The Financial Advantage. Renters save an average of $560 every month just by choosing to rent over buying a house. And they don't risk investing in a depreciating asset. A $100 investment in housing in 1985 would be worth $293 today; that same $100 placed in stocks would be worth $1,146 - nearly four times as much.