In the past few years, renters have seen their monthly rent skyrocket. Some people have reported that their rent has almost doubled in the last five years. This has many people wondering if they should consider some other housing options that could lend more benefits than renting an apartment. Many people are finding that purchasing a home is a great way to get out of the renting cycle. The Tina Peterson Team is here to talk about why you may want to consider this option if you have been renting an apartment in the past.
Start to Build Equity
When you are renting an apartment, you are paying year after year on a place to live, all the while you don’t have anything to show for it. This can be discouraging. A great way to get out of the renting trap is to purchase a home. You will finally have equity as you work to own your home one day. You can be working toward building up that equity instead of watching your money vanish into thin air month after month.
Ability to Make Changes to Your House
There is a good chance that you don’t love everything about the apartment that you are renting. You probably would love to change some things around if that were an option. As a renter, you don’t have the freedom to make changes to the apartment that you’re renting. When you own your home, you have the freedom to make as many changes as you would like. No longer do you have to worry about the paint colors that you have chosen to paint the walls in your home.
Live in a Bigger Space
The average apartment is only about 880 square feet in size. The median size of homes across the United States is 2,014 square feet and in Michigan is 1,726. That is considerably more space. You may find that there are several other storage options and living spaces that lend a more comfortable place to live. There are many different home sizes to choose from as you determine how much space you need.
Mortgage Loan Financing Options
When you are renting an apartment, you are more than likely locked into some sort of contractual agreement that has you paying your rent monthly. Some only allow you to have a month to month contract while others will demand that you sign a year lease at least. When you purchase a home, you have more freedom in how you want to finance your home.
Residential House & Condo Property Sales in Greater Ann Arbor, Brighton, Highland, South Lyon, Milford, Pinckney & Howell, MI | Southeast Michigan Real Estate
If you are sick of renting, turn to The Tina Peterson Team to help you find the perfect home for you and your loved ones. Call us today!
