Buying a home is a big decision…and a big expense. And of course, there are many variables to consider when buying a new home. One of the biggest current variables is the rise in interest rates. While interest rates may be at a historic low, increases can have a huge impact on the affordability of buying a home. When you compare that with rent in Reno increasing around 17% year over year, which suddenly makes buying a home look a lot more appealing!
If you’re still concerned about the rising interest rates, then you’ll love our super deals, our price crusher promotion, and mortgage rate buy-down program. Working with our trusted mortgage partner, Guild Mortgage, we can offer a way for you to lower your interest rates for the entire term of the loan. By participating in our rate buy-down program, you’ll be able to save money on your monthly mortgage payments while also paying less interest on your overall loan.
While buying a home is one of the biggest decisions you can make, it’s also one of the most intelligent financial decisions. According to NeighborhoodScout.com, Reno’s annual real estate appreciation rate has averaged 12.47% over the last decade. This places Reno in the top 10% of cities nationwide in terms of real estate appreciation, which means buying a home in the Reno, NV area is an even wiser investment!
Benefits of Owning vs. Renting Your Home
There are many benefits to owning your home. Given the current real estate and mortgage market conditions, now is a great time to become a homeowner. Here are a few of the top benefits of making that leap from renter to owner. You might be surprised by how achievable this dream really is!
Excellent Long-Term Investment
While the initial purchase of a home is a larger commitment than simply renting your residence, over time, research shows an array of benefits. Although renting can seem like the more affordable option up front, buying a home typically surpasses that value proposition after the first four years. After that, you’re building your own wealth rather than your landlord’s! As a homeowner, when your property value increases, your personal wealth also increases. And with each mortgage payment, you increase your equity in your home.
Greater Financial Stability
When you’re renting, every lease renewal can be stressful. Will the rent increase? Will the landlord sell the property? And if you must move, switching to a new rental can involve moving expenses, additional deposits, and more. Instead, buying a home provides you with a fixed-rate mortgage. This means that you’ll enjoy a consistent monthly payment schedule throughout the life of your loan. It’s also no secret that rent increases much faster than median incomes (we’re looking at you, California). This means that your mortgage can be comparable to or even cheaper than renting a home.
When you own a home, any modifications you make increase the home’s value. When you’re a renter, those changes go towards the landlord’s home value. As a renter, you’re also often limited by the changes you can make. Owning your home offers you more freedom and flexibility to truly design your home to meet your needs and dreams.
Ready to Become a Homeowner?
Now is a great time to take advantage of the historically low-interest rates before they increase again! And don’t forget about our mortgage rate buy-down program! We look forward to helping you find your dream home, and we’re committed to helping you afford that dream.
Ready to call a Jenuane community home your own? Reach out to our concierge team today to get pre-approved with one of our preferred lenders to secure your spot on our VIP priority list.