Say Goodbye to Renting: Why Now is the Perfect Time to Buy
Taking on the real estate market in today’s dynamic economic landscape might seem daunting. Yet, shifting from being a renter to becoming a homeowner is more than just a change of address—it’s a golden ticket to a host of life-changing opportunities.
Rocket Homes℠ CEO Doug Seabolt offers a treasure trove of insights on why owning that cozy nook you call “home” can be a transformative experience. Let’s dive in and explore these compelling reasons.
Build Generational Wealth as Property Values Soar
The first rule of investment? Buy assets that appreciate. Doug Seabolt couldn’t agree more. “Owning a home is a concrete way to build wealth,” he emphasizes. A compelling study by the National Association of REALTORS® showed that over the last decade, homeowners have amassed a net worth that’s an astonishing 40 times greater than renters. While renting might provide short-term flexibility, homeownership is like having a long-term stock that generally goes up in value. It’s a cornerstone for building a stable financial future.
Shield Yourself from the Inflation of Rent Prices
Renters know all too well how a notice from a landlord can wreak havoc on a carefully planned budget. But homeowners, especially those who’ve locked in a fixed-rate mortgage, live without this constant apprehension. “Don’t get sidetracked by fluctuating interest rates. Keep an eye on what really matters—the monthly mortgage payment,” advises Seabolt. Once it’s set, it’s set. No nasty surprises. This level of stability allows you to plan for other aspects of your financial life with a higher degree of confidence.
Boost Your Down Payment with Promotional Offers
Coughing up a down payment often appears as the Everest in the home buying journey. But did you know that Rocket Mortgage and Rocket Homes have an ace up their sleeves for potential homebuyers? They offer the BUY+ program, which could grant you up to $10,000 toward your closing costs. “Don’t let your dream home remain a dream because you feel trapped by initial costs,” says Seabolt. Various programs can offer that extra push to get you across the finish line.
Reap the Tax Benefits Only Homeowners Enjoy
Mortgage interest deductions, property tax write-offs—the tax code is rife with perks for homeowners. While it’s key to consult a tax advisor to fully understand the nuances, these deductions can offer substantial financial relief. “Homeownership isn’t just about having a place to call your own; it’s also about making smart money moves that pay off in the long term,” adds Seabolt.
Unleash Your Inner Home Designer
Renting often comes with the frustration of asking permission for even the smallest home improvement projects. But in your own home, you’re the captain of the ship. Whether it’s an artistic paint job or vintage furniture that speaks to you, Seabolt says, “Go ahead, make it your own. If you fancy green shag carpet on the walls, no one’s stopping you!”
Your Timing, Your Choice
At the end of the day, the timing to buy a home is a deeply personal decision influenced by myriad factors, including your financial health and emotional readiness. “The key to successful homeownership is jumping in when you’re truly ready for both the challenges and rewards,” concludes Seabolt.
So go ahead, keep up with your due diligence. Maybe even chat with a Rocket Homes Partner Agent to weigh your options. And when the stars finally align, don’t hesitate—grab those keys to your future!