But the yearly increases in my rent are making staying in my apartment an untenable and anxiety-inducing situation.
Over the three years I’ve been renting my apartment, my rent has increased by around 12% every time I renew my lease. I know I’m not alone in dealing with this issue. Unpredictable rent hikes are becoming more common every year and take away more and more of a family’s income. This is where buying a home comes in.
Buying a home is cheaper than renting in 58% of U.S. markets (). Unlike owning a home, your monthly rent payments provide you with no financial benefits. When you buy a home, all appreciation the house acquires is yours to keep.
Another great thing about buying a home? The option for a fixed-rate mortgage. After becoming a homeowner, you won’t have to worry about a landlord unexpectedly raising your rent. A fixed-rate mortgage provides you with stability, ensuring you always know exactly what you pay each month. BV Homes works closely with Cardinal Financial and Flagstar Bank to provide buyers with fixed-rate mortgage options for their new home. Not only does becoming a homeowner provide you with an asset that has the potential to increase in value over time, but it provides you with tax breaks, as well. For example, homeowners can deduct their mortgage interest payments on their taxes, up to $750,000. ().
Buying a home is something many people believe they will never be able to do. But with unpredictable rent increases every year, buying a home is a much safer bet for families and recent college grades alike. BV Homes aims to make homeownership a realistic goal for more New Mexicans.
Are you ready to leave the chaotic life of renting behind? Contact us today to learn more.