With the increasing popularity of HGTV shows and beautiful decorating Instagram pictures, many people dream about fixing up their place to make it the home of their dreams.
Making big (and sometimes even small) changes can be a hassle to negotiate with a landlord. Is it time to start thinking about home ownership?
There are multiple reasons to choose to buy a home rather than rent. According to the website Keeping Current Matters, “If you are renting and think you can’t afford a home ... think again. Buying costs significantly less than renting.” Citing the percentage of income required to afford median rent as 28.4 percent versus buying at 17.5 percent, it clearly stands on the side of buying a home and putting your money to work.
There are pros and cons to both sides of the debate, but the decision ultimately depends on what you can afford. In the end, if you are paying down a mortgage, shouldn’t you benefit from the equity?
There are some other things to consider when deciding whether to continue paying rent or to take on a mortgage.
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The 2023 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.