Owning a home has great financial benefits, yet many continue renting! Today, let’s look at the financial reasons why owning a home of your own has been a part of the American Dream for as long as America has existed.
Zillow recently reported that:
“With Rents continuing to climb and interest rates staying low, many renters find themselves gazing over the homeownership fence and wondering if the grass really is greener. Leaving aside, for the moment, the difficulties of saving for a down payment, let’s focus on the monthly expenses of owning a home: it turns out that renters currently paying the median rent in many markets could afford to buy a higher-quality property than the typical (read: median-valued) home without increasing their monthly expenses.”
What proof exists that owning is financially better than renting?1. The latest Rent Vs. Buy Report from Trulia pointed out the top 5 financial benefits of homeownership:
3. Just a few months ago, we explained that a family buying an average priced home at the beginning of 2017 could build more than $42,000 in family wealth over the next five years.
4. Some argue that renting eliminates the cost of taxes and home repairs, but every potential renter must realize that all the expenses the landlord incurs are already baked into the rent payment –along with a profit margin!!
Bottom LineOwning a home has always been, and will always be, better from a financial standpoint than renting.
Here are four great reasons to consider buying a home today instead of waiting.
1. Prices Will Continue to RiseCoreLogic’s latest Home Price Index reports that home prices have appreciated by 6.9% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.8% over the next year.
The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.
2. Mortgage Interest Rates Are Projected to IncreaseFreddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have remained around 4% over the last couple months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac & the National Association of Realtorsare in unison, projecting that rates will increase by at least a half a percentage point this time next year.
An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.
3. Either Way, You are Paying a Mortgage There are some renters who have not yet purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.
As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to build equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity.
Are you ready to put your housing cost to work for you?
4. It’s Time to Move on with Your LifeThe ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.
But what if they weren’t? Would you wait?
Look at the actual reason you are buying and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer or you just want to have control over renovations, maybe now is the time to buy.
If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.
Nothing has more immediate impact on the mood of a garden than color. When it comes to putting together a garden color palette, you can first decide how you want a space to make you feel and then choose the color scheme accordingly. If you want a cheerful and inviting space, choose foliage and blooms in light and medium pastel shades. If you’d like to feel energized, go for a high-contrast pairing of fiery red flowers and deep purple foliage. For a feeling of tranquility, turn to blooms in peaceful blues and whites.
Don’t know where to begin? Take a look at garden beds in three pleasing color palettes that each set a specific mood for the landscape.
Why bother with a color palette? Gardens with too much variety can feel overwhelming and look cluttered. Sticking to a color scheme for a planting gives a garden a balanced, put-together look and can help you avoid impulse purchases at the nursery. It’s up to personal taste, but limiting the number of different colors to no more than five can be a helpful rule of thumb. While this may seem constraining, adopting a more disciplined approach to plantings can harmonize the look and feel of your garden without sacrificing plant diversity.
1. Cheerful and Inviting
Color palette: Medium blue-green, light green, bright orchid, eggshell, deep violetEvoke the look of Monet’s garden in Giverny with a watercolor palette of pink, blue, purple, green and soft yellow. Pastels feel fresh and harmonious in the garden, transitioning smoothly from one soft hue to the next. Like the first blooms in spring, pastel color palettes feel cheerful and inviting — making them a great choice for entryway and front yard plantings.
Pastel color palettes can include all hues on the color wheel in muted tones. Adding one or two plants in a more saturated color — like a dark green-leaved shrub or deep purple perennial — can keep a pastel color palette from looking washed out.
In this woodland garden outside of Boston, the designer banked the beds with pastel blooms mixed with plants that have silver to medium green foliage. Here we see white peonies, dark purple ‘May Night’ sage (Salvia ‘May Night’), lavender-pink ‘Globemaster’ alliums (Allium ‘Globemaster’), silver-leaved Russian sage (Perovskia atriplicifolia), lamb’s ears (Stachys byzantina) and evergreen inkberry (Ilex glabra). Concentrating on blues and purples in a pastel palette creates a calmer and more tranquil feel than pastel schemes that include yellows and pinks. In the same garden, catmint (Nepeta sp.) blends with dark purple ‘May Night’ sage, lavender-pink ‘Globemaster’ allium and lady’s mantle (Alchemilla mollis) for a calming walkway planting.
2. Dramatic and Energizing
Color palette: Pomegranate, dark purple, yellow orcher, periwinkle blue, medium gray-greenHigh-contrast jewel-toned color palettes command attention, making eye-catching border displays that stand out on the block. Gardens in this rich color palette shine all year but are particularly dramatic in late summer and fall, when the deeply saturated tones complement the red, orange and amber leaves of trees changing color.
Gardens using jewel-toned color palettes benefit from tones chosen from opposite sides of the color wheel (like orange and blue or yellow and violet). Pairing plants with foliage or flower colors in closely complementary hues makes each color stand out in contrast to its neighbors. For example, in this seaside garden on Bainbridge Island, Washington, dark purple ‘Caradonna’ sage (Salvia nemorosa ‘Caradonna’) and cool blue ‘Little Titch’ catmint (Nepeta racemosa ‘Little Titch’) set off bright orange California poppies (Eschscholzia californica) planted close by.
3. Cool and Serene
Color palette: Leaf green, light sage, white, deep blue, sky blueAs calming as puffy white clouds moving across the sky or a sailboat on the water, planting palettes made up of blue and white blossoms set the tone for a tranquil landscape. To keep beds looking crisp and clean, restraint with the color palette is key. Choose blooms in clear shades of blue and as close to true white as you can find, and mix them with plenty of evergreen foliage.
In this backyard in Westport, Connecticut, the designer used a mix of white- and blue-flowering bigleaf hydrangeas (Hydrangea macrophylla), medium blue veronica, pale purple-blue catmint (Nepeta sp.) and white roses.
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