Why Buying a Richmond Home May Make More Sense Than Renting
If you are renting or thinking of renting a home or apartment in Richmond, VA, you need to read this.
In the last year alone, Richmond area rents rose a whopping 36% on average. That’s the 8th highest of all markets in the country. Here’s why buying a Richmond home could be a sound financial move.
For those who think they have no choice but to rent because they can’t afford to buy, we promise that there are alternatives to high down-payments. And even though mortgage rates are higher than you may be used to, they are still far below averages over the past several decades. Keep in mind that rent is a 100% interest rate and you are building no equity at all. If buying a Richmond home, experts anticipate that you will continue to build equity on that purchase and you can always refinance if rates go down in the future.
If you are already renting and have roommates, consider buying and becoming a landlord yourself! Rent those extra bedrooms out to friends and they can help you pay down that mortgage.
Check out this fantastic infographic. It really puts all the numbers in perspective. We’d love to help you run your own numbers to put your life-changing move into motion!
- If you’re trying to decide whether to rent or buy a home, consider the advantages homeownership offers.
- Buying a home can help you escape the cycle of rising rents, it’s a powerful wealth-building tool, and it’s typically considered a good hedge against inflation.
- If you’re ready to take advantage of the benefits of homeownership, let’s connect to explore your options.