2018 is quickly drawing to a close, which means it’s time to start planning for the new year. If you’re still renting a home in the Triangle, please know that you have better options available!
Have you been dreaming of becoming a Triangle homeowner? You’re not alone! This is a wonderful area to invest in, and an ideal time to buy a home. Home values in the Triangle are expected to increase over the coming years. This makes now the time to act!
Take a look at our complimentary home-buying tools to get an idea of your options in the Triangle. Oftentimes, it’s less expensive to pay a mortgage every month than it is to keep up with annual rent increases, and all the other fees associated with leasing!
What Do You Dislike About Renting?
According to a 2018 Bank of America Homebuyer Insights Report, 75% of millennial renters plan on buying a home in the next 5 years, and 38% are planning to buy in the next 2 years!
Those surveyed were also asked what they disliked about renting. 52% said rising rental costs were their biggest reason. Other factors included “not building equity,” “feeling like I’m paying my landlord’s mortgage,” and “not being able to have pets.”
There’s plenty of merit to that concern, as the median asking rent has risen steadily every year since the 1980s.
Common Misconceptions About Buying a Home
If you plan out your budget every month, you’ve probably heard of this rule “don’t spend more than 30% of your monthly income on housing expenses.” Did you know that almost half of all renters surveyed in the Bank of America Report spend much more than that on their monthly rent?
When asked what was stopping them from buying a home, many responded that they “weren’t able to save the 20% down payment.”
However, this is one of the biggest misconceptions about buying a home! It is possible to buy a home without putting 20% down.
Ready to Explore Your Triangle Home Buying Options?
Allow our team of experienced Triangle real estate agents to guide you through the process. For more information about what kind of homes are available in the Triangle, and what your options are as a buyer, please get in touch.
As the #1 Real Estate Team in the Triangle, Linda Craft & Team, REALTORS® are fully prepared to find you the home of your dreams and negotiate an excellent price on your behalf.