Are you wondering whether there are any real benefits to buying a home? As it turns out, the choice of buying vs renting is one that many people just like you are facing. It seems like a hard choice at first but there is a solution. Let's take a moment to clear up this potentially thorny question.

Here are the top 5 benefits of buying vs renting:

1. Rents Are Only Going to Increase

One of the first things that you should note about rents is that they are going to keep going up. There are plenty of reasons why this should be so. Even in the midst of the recent pandemic crisis, this has continued to be the case. In fact, the median price of rents has continued all along to outpace incomes.

This is not a trend that seems to be stopping any time soon. Because the market has slowed down in many areas, property owners have compensated by keeping rents at an all-time high. Many owners have actually increased the price of their rents. Even when the panic dies down, rent prices are not likely to return to their previous levels.

A property owner will charge whatever the market allows them to. This is why many renters are beginning to cotton on to the fact that buying a home may be a better long time solution. You can certainly be sure that the person who owns your present rental property isn't renting their own home from someone else.

2. Buying a Home is a Great Investment to Make

One of the very benefits of buying a home is getting the chance to make a top-level investment. The home that you buy will certainly be one of the most valuable things that you own. Its potential to realize a profit will depend on the level of care that you give to it. If treated correctly, its resale value may increase to a high level.

The main advantage of buying vs renting is the fact that renting leaves you with nothing to show. Even if you have rented for years on end, you gain nothing. When you leave, you leave empty-handed. On the other hand, financing a home and paying off the mortgage may take years but you will definitely have something to show for it.

This is a case where it's definitely for the best to consider the long term. You don't want to still be renting at the close of your life. If you desire to have a bit of property to leave to your children or other heirs, now is the time to consider buying a home. Despite current conditions, it's actually easier to do so than ever before.

3. Interest Rates Are at a Historic Low

Did you know that the average rate of interest for a home loan is at an all-time low? There are a number of reasons for this surprising fact. Chief among them is the fact that banks and other lenders are dealing with a very slow housing market. For this reason, they are doing all in their power to encourage people to buy properties.

For example, if you are able to negotiate a 30-year mortgage with a good rate of interest, you will be able to save hundreds of dollars per month. This is money that you could be spending in other areas to improve the quality of your life. And it will net you a property that you can enjoy in your old age or sell for a major profit.

4.Down Payments May Be as Low as Zero

The down payment that you make on your home purchase may be as low as nothing. The fact that you may be able to pay zero money down is surely one of the biggest benefits to buying a home. While this is a condition that may prove to be temporary, it is still the case at the moment. For this reason, it is well worth looking into.

5. Property Values Will Continue To Rise

Perhaps the most significant factor for you to keep in mind is that property values across the nation are rising rather than falling. This means that if you are able to lock into a good mortgage arrangement, you are on track to own a home that is going to increase in value. As long as you take care of it, your investment will be solid.

Every time you make a payment on your mortgage, a part of your loan is also paid off. This gives you an increase in the amount of equity that you hold in your home. This means that the value of your investment will slowly but surely increase.