Renting vs. Buying

By Stacy Willison, Mortgage Loan Officer

One of the most important decisions people make is deciding between renting or buying a house. Buying a home is a long-term investment and can be a rewarding experience. Here are some questions to ask yourself if you are considering purchasing a home.

  • Are you ready to start thinking about your financial future?
    • Owning a home is investing in your financial future. Home values typically increase over time and with each payment, you are building equity; it is like having a built-in savings plan. Invest in your future, not your landlord’s.
  • Would you like fixed payments?
    • When you purchase a home, your typical mortgage payments are fixed for the term of the loan. In fact, sometimes mortgage payments are lower than paying rent. You will no longer need to worry about yearly rental increases.
  • Do you want to personalize your living space?
    • Owning your own home gives you the freedom to customize not only the interior, but the exterior also. You can add a swimming pool or paint your walls that exotic color you have been fantasizing about. Keep in mind that certain home improvements, such as a kitchen or bathroom remodel, will not only enhance your living space but will add value to the property when it comes time to sell.
  • Are you ready for privacy?
    • Who doesn’t love some privacy? When you own your own home, you no longer have to share apartment walls with the neighbors who party all night or hear the kids fighting upstairs. Also, in the privacy of your own home, no one will ever know that you burned the popcorn, again.
  • Are you tired of living by someone else’s rules?
    • Did your parents ever say, “As long as you live in my house, you have to follow my rules?” When you have your own home, you get to make the rules.
  • Do you want to become more involved in your area?
    • Being a homeowner means you are part of a community that comes with a built-in network. Meeting your neighbors, having parties, and helping each other, all promotes building a healthy community and lasting relationships.

While renting can be convenient, buying a home means you are not only investing in your financial future, but also the future of your local community.  So take the next step and call Michigan First Mortgage at 877.312.9033 to talk to any of our experienced loan officers. Michigan First Mortgage has a variety of loan options to choose from to fit your personal needs.