While renting can be useful for some financial situations, owning a home provides great benefits to you and, ultimately, your financial well-being. Here are just a few of the reasons you may want to consider buying a home in Boise.
Home Ownership is Less Costly: Statistics show the cost of owning a home is 35% cheaper than renting a home in all of the 100 largest metro areas. Similar statistics ring true in the Boise area market as well.
Pride of Ownership: When you own something you tend to take better care of it. A home is no different. Cutting your lawn, creating a garden, or just making improvements on the weekends becomes a thing of joy.
Control: Being a homeowner puts you in control of your investment. This means you can do what you want with your home, such as rent it out for extra money or make desired home improvements. Improving your property can be a good investment, as it typically increases the value of your asset and puts more money in your pocket when you sell.
Stability: When you are buying a home in Boise with a fixed interest rate mortgage, you don't have to worry about surprises in your monthly payment. Month after month, you know what your payments are going to be. Renters don't have that luxury. At the end of the lease, they have to be concerned about rent increases and possibly having to move.
No Wasted Money: When you rent from someone, whether it be an apartment or a home, you're essentially giving them money to pay off their mortgage. Because the money is going toward their asset and not yours, you have nothing show for the monthly investment when you move out.
Home Equity and Price Appreciation: Over time, as you build equity in your home, your home will hopefully become more valuable than what you paid for it. By buying a home in Boise, you own an asset and are often rewarded with thousands of dollars of appreciation, whereas a rental only returns your security deposit!
Greater Net Worth: Your net worth is simply the difference between the amount of money you have and the amount of money you owe. On average, a homeowner's net worth is 30 times greater than those who rent. This is important because greater net worth leads to greater financial health, financial security, and financial freedom.
Government Incentives: The government has several programs that help put money back into homeowners pockets. These incentives range from compensation for home repair and efficiency upgrades to tax deductions and write-offs.
With today's low housing prices and exceptional interest rates, buying a home in Boise just makes "cents". If you are unsure whether or not buying a home in Boise is a financial possibility, make a call to a lender and find out. Also, give us a call at 208-861-5639 or send us an email and let us help you determine if buying a home in Boise is the right move for you!
Information courtesy of Intermountain Multiple Listing Service. Information provided by IMLS is deemed reliable but not guaranteed. IDX information is provided exclusively for consumers' personal, non‐commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. IMLS does not assume any liability for missing or inaccurate data.