Should I Rent or Buy? Wilmington Real Estate
It’s worth considering the many benefits of homeownership before you decide to rent or buy a home within Wilmington’s Real Estate Market.
Your home buyer position will play a huge role in determining whether or not to rent or buy in Wilmington’s Real Estate market. Interest rates, inventory supply, buyer demand, etc. are all factors that dictate the condition of Wilmington’s Real Estate market, which will then play a role in determining if buying or renting is best for you.
When buying property in Wilmington, or elsewhere, you’re able to:
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Stabilize your housing costs
- Your monthly payment is locked in for the length of your loan, usually 15-30 years.
- Your monthly payment is locked in for the length of your loan, usually 15-30 years.
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Own a tangible asset
- Any home price appreciation helps grow the value of your home.
- Any home price appreciation helps grow the value of your home.
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Grow your net worth as you gain equity
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Your payments and price appreciation build equity and your net worth over time.
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When renting in Wilmington, or elsewhere, you face:
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Rising housing costs
- Your monthly payment generally goes up each time you sign or renew a lease.
- Your monthly payment generally goes up each time you sign or renew a lease.
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Won’t see a return on your investment
- Rising rents put a pinch on your wallet, and you don’t get a return on your investment.
- Rising rents put a pinch on your wallet, and you don’t get a return on your investment.
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limit your ability to save
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As rents rise, it can be harder to save for a down payment and buy a home in the future.
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If you want to learn more about the benefits of homeownership and discuss your buying potential, then please Contact Us. Today!
