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James Romesberg

7 Reasons Buying is Better than Renting

August 23, 2022 by James Romesberg

There is a consistent argument between whether buying a home or renting one is better for someone in today’s market. While there will always be advantages and disadvantages to both sides, this article focuses on the advantages of owning a home, and how it is better than renting property.

There are several reasons that buying could be better for you than renting a home, and it is very important to consider your personal situation and what you are looking for primarily in a home. This list contains seven of the greatest benefits to owning a home for a variety of situations.

7 Reasons Buying is Better than Renting

1. Overall, Buying is Better Money

To start with, buying a home is cheaper than renting property long-term. Mortgages are set at the time of signing and monthly payments do not increase over time, whereas many landlords will actively increase their rent with the lease renewal (which can be ever 6-12 months). And even then, many landlords are paying a mortgage on their property and renting said property for a higher rent price in order to make a profit. Similarly, owning a home provides homeowner’s with particular tax advantages that give more money back to homeowner’s in their tax return.

With the purchase of a home, long term equity is established. One of the greatest perks of owning your own home is that the regularity of your mortgage payments can greatly improve your credit stability and credit score. Similarly, you can borrow against the value of your home in order to take out a loan or start a credit line for bigger purchases, like starting a business, buying a car, or paying for college.

2. Power for Person-ability

Many renters struggle with finding person-ability or a sense of home since many landlords greatly limit the renter’s decoration. With owning a home, you can paint, wallpaper, or decorate the interior and exterior of the house with greater freedom and abilities.

With the power to personalize the home, owners also have the ability to renovate or reconstruct their home, and those additions would not be assets for another person’s property. Added security rails or a fence would be entirely the owner’s financial responsibility, but it would also add value to their property, and owners can enjoy the additions to their property for as long as they own the home.

3. Safer Neighborhoods

With homes, owners experience less neighbors than they would within an apartment complex. And with less neighbors and less connected walls to your personal home, there is more privacy to a home than an apartment. Owners no longer worry about whether the baby crying is going to wake up the whole floor, or if the neighbors can hear their personal disagreements.

Renters have to deal with maintenance, landlords, and apartment security inspecting or searching their home, but owners do not experience these kinds of inspections. With a sense of privacy also comes a sense a safety. Owners have an easier time installing safety systems, alarms, and locks.

4. Better for Childcare

Children have a huge amount of benefits from the stability of a single home in childhood. A stable home environment has been linked to better grades and testing, stronger interpersonal relationships, and higher rates of long-term employment. With homeowners, many children find long-lasting friendships with other children in the neighborhood, have a greater sense of place and know where their home is in relation to their surroundings, know where their school is in relation to their home, and are able to feel more secure about the world around them.

While owning a home is better for children to learn and explore themselves and the world around them, owning a home is also easier for parents trying to raise children. With a home, it is easier to put in a washer/dryer and have access to in-home laundry than it is with a rental or apartment. It is easier to establish a routine and to teach children home care like cooking or cleaning in a larger space.

Having a backyard also allows for children to play outside in a safe environment with less worries about whether others will also be present in said backyard.

5. Pet Freedoms

Landlords are afraid of pet damage, and therefore, pet fees are extraordinary when added to existing rent fees and move in fees. Along with a pet deposit and typically a monthly fee, many landlords add additional fees and additional services to the cleaning of spaces after move out, and some even add additional fees for stocking or providing doggy bags or spaces for their tenants. Even then, neighbors often will complain of any pet noise like whining or barking.

Buying a home allows for pet owners to avoid those additional fees, as well as to have outdoor space to build a fence or enclosure for their pet to play outdoors, and have a space for their pets to relieve themselves outdoors without any fees or penalties.

6. Entrepreneur Opportunities

Whether you want to start an at-home daycare, or if you’ve always dreamed of having your own candle company, you can start that company in your own home. Since many rental properties are already the location of a business, it is very hard to get a business licensed for a rental property location. However, owning your own home allows for greater freedoms when it comes to using your space to start up a company on the premises, as well as greater space for potential clients to park if needed.

7. Community

Homeowners typically stay in their homes longer than renters stay in an apartment, and with the length that owners stay comes a stable neighborhood community. Its easier to make friends, and grow a community that helps each other out during holidays or hard times.

Children attach heavily to their community, and friends within the neighborhood are an incredible way for kids to connect to their neighbors, as well as learn sociability skills. Similarly, adults find friends, and often happiness when they begin to connect to and help their neighbors. Studies have linked greater levels of content and happiness with stronger community and neighborhood connections.

There are a number of reasons to own a home, but that doesn’t always mean it’s right for you. If you are thinking about buying a home, you’ll want to be sure you have enough saved up for a down payment and an emergency fund and that you’re committed to owning the home for at least a few years. Owning a home has so many benefits, and there are a wide variety of programs designed to help Americans finance and purchase a home, whether as a first time home buyer, or someone buying a home again. Look into your local government for any programs or grants for home buyers.

If you’re most interested in flexibility and don’t want the responsibilities that come with home-ownership, renting may be better for you right now. Still, you should keep the advantages of owning in mind as there may be a time later in life when it makes sense for you to buy a home.

Filed Under: Uncategorized

Your Credit Score Opens the Door to Your New Home

October 14, 2021 by James Romesberg

Although lenders will offer suggestions regarding increasing your credit score and your loan to value ratios,  when you don’t know where your need to be, how do you know when you get there?  This is especially the case now when your destination keeps changing.

Capital Economics, an analytics firm, expects the housing crisis to end this year, according to a report released March 16, 2012. One of the reasons: loosening credit.

They note the average credit score required to attain a mortgage loan is 700. While this is higher than scores required prior to the crisis, it is constant with requirements one year ago.

Banks are now lending amounts up to 3.5 times borrower earnings. This is up from a low during the crisis of 3.2 times borrower earnings. Along with this, banks are also loosening loan-to-value ratios (LTV), which Capital Economics denotes “the clearest sign yet of an improvement in mortgage credit conditions.”  In contrast to a low of 74 percent reached in mid-2010, banks are now lending at 82 percent LTV.

While credit conditions may have loosened slightly, some potential homebuyers are still struggling with credit requirements. In fact, Capital Economics points out that in November 8 percent of contract cancellations were the result of a potential buyer not qualifying for a loan.

Here at Gauler Realty, we realize how specialized this information is and how it differs by lender and type of mortgage.  Give us a call and we will share current conditions with you and assist you through the process.   That is our expertise.  We look forward to meeting you.

Filed Under: Uncategorized

Are We at the Bottom Yet?

October 14, 2021 by James Romesberg

Boy if I had the answer, I would be making a lot more money some place else than trying to give you my best thoughts below.  The one thing I do know is that it will be real clear when we see it in the rear view mirror.

The answer will vary considerably in price range and areas of the community you live in. Starting last fall the decline leveled off and today we are pretty stable.  For the last few months the number of sales increased and definitely above last year at the same time.  Prices continue to slip a little but not at the rate we have seen in the last couple years. But then again we have seen a month or two where the average price has gone up.

In a recent article, “Clear Capital sees signs of market stability as we move into the coming months.”

Further they said, “the median price paid for distressed properties has started to rise, indicating the REO market is seeing increased activity toward the upper end of the price range and helping to rein in the depreciating trend of the past several months.”

In Nevada, the number of REO homes coming on the market has dried up based on a recent NV Supreme Court decision regarding how the big banks handled foreclosures.  When this is resolved, we could see a flood on the market or based on some new proposed government programs, the banks might have to step back and provide better financing programs to the distressed home owners to prevent foreclosure. Only time will sort this mess out.

At the moment, I feel we are wallowing at or near the bottom, so I hope you do not see it in the rear view mirror. Contact us today and let’s review your specific needs and objective to see if the time is right for you.

Filed Under: Uncategorized

Property Management ALERT!

October 14, 2021 by James Romesberg

How does your property management company show your property???

Don’t assume!  Most property management companies will give anyone with a drivers license and a $20.00 deposit the keys to your home.  They simply ask to see the house, and off they go alone…..to do whatever!

We ALWAYS show your home personally.  We ALWAYS watch out for you!

Filed Under: Uncategorized

Reputation or Relationship?

October 14, 2021 by James Romesberg

Is it Reputation or simply Relationship that counts most when you choose a Realtor?

Very seldom does someone call me and say, “I’ve checked many realtors’ reputations and their accomplishments and have decided to give you my business.”   No, more likely it is, “You worked with my friend Mario and he said I should give you a call.”

What is happening here is, I have a good relationship with Mario, you have a good relationship with Mario, we will have a good relationship with each other based on that.  OK.

Why do I have a good relationship with Mario?  It isn’t because we both like rock climbing!  I seriously doubt it.  I’m pretty sure it is because I marketed and sold his house and helped him find a house that thrilled his growing family.  I did all this “with” Mario.   He was part of it all.

So the question still remains:  Reputation or Relationship?  Feels like both to me.

Filed Under: Uncategorized

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