Should I buy or should I rent?

If you are renting, how much will you spend in the year? 5 years? 10 Years? 15 years? Rental rates in Minneapolis keep rising. When is it time to invest in your own home?

Here are several reasons to consider ditching the landlord and investing in your own place.

Net Worth

Reason number one to start hunting for your dream home is that on average a homeowner’s net worth is 34 times that of a renter. You’re not sinking money into a place that isn’t your own.

Rental Rate Increase

The second reason is the rising cost of rent! Did you know that the average one-bedroom apartment in Minneapolis rent for $1,386 per month? The average 2-bedroom apartment rents for $2,142 per month. Median one-bedroom rents rose 4.9 percent year-over-year, while two-bedrooms rose 6.5 percent! With rental rates going up nationally, more & more renters are looking to become homeowners, finding that it is often cheaper to buy a home then rent in the long term.

With rental rates going up nationally, more & more renters are looking to become homeowners, finding that it is often cheaper to buy a home then rent in the long term.

Today’s Mortgage Rates

With today’s mortgage rates staying at a low, today is the day to seriously consider investing in your financial future and begin building equity.

Homeowners are a vital part of every community and are integral to a neighborhoods prosperity and advancement of safe and vibrant communities that support local businesses, schools and community activities. 80% of current homeowners report that owning a home has been a positive experience.

Additional benefits of owning include:

Pride of ownership, possible appreciation, tax benefits, and stable housing costs.

If you are thinking about becoming a homeowner, contact us. I am happy to walk you through the entire process - from getting pre-qualified, learning about various first-time home owner programs, inspections & appraisals...to getting your own set of keys!

Or download our buyer’s guide. In the free guide, we break down the buying process in three parts:

Part 1 - The 7 Stages of Buying a Home - Deciding when is the right time to buy all the way to making it yours.
Part 2 - Making An Attractive Offer - Pre-approval to having the right documents in place.
Part 3 - Your Offer is Accepted! Now what?