Bethesda Renters: Jump the Fence and Buy!

For those still on the fence about renting versus owning in Bethesda, Silver Spring, or Rosemary Hills, it’s time to jump. If you can’t be swayed by low interest rates and decreased home prices, here are five other reasons to own your own home from the RealtyTimes web site.

This isn't an all-inclusive list, but it may help you to feel a bit more comfortable in making the move to home ownership.

• Goodbye, Landlords – Even if you’ve had a great landlord, the money you pay every month goes into his pocket, not yours. You can love where you rent, but if the landlord is selling, you may have to go.
• Having Your Own Style – While you can paint and do some basic modifications in a rental, you can do much more in your own home. And you need no-one’s permission but your own.
• Cost Factors – There are ways to compare the costs and savings of renting versus buying. See GinnieMae.gov for a price chart that helps you analyze things like the tax savings and equity you’ll get as a homeowner as well as how much rents may increase. You can compare real numbers and make your best decision.
• Long-Term Gains – Affordability of housing has not been this good since 1970. Homes in many areas are undervalued and selling for less than the cost of replacement construction, while rents in those same areas are rising. Home ownership is now a great hedge against inflation.
• All Good Things Must Come to an End – Many people think that interest rates will stay low indefinitely and that there will always be plenty of home choices, but things are already changing. It’s expected that in 2013 distressed sales will begin to drop. Conversely, the number of new households is rising each year, which means that eventually fewer houses will be available. So it may be best to buy now rather than put it off.

Whether to buy or rent is a very individual and personal choice, and fear of the unknown is not a good basis for any decision. Crunch the numbers, consider all your options, and talk to a qualified real estate agent. You might conclude that owning a home really is better than renting, and you can get off of that uncomfortable fence.

Contact me, Mynor Herrera, today for expert help buying or selling in the DC, MD, & VA areas! I also specialize in Bethesda and Chevy Chase, as well as the sub-divisions of Rosemary Hills, Rock Creek Forest, East Bethesda & Whitehall Condominium.