You may have seen reports in the news recently saying it’s better to rent right now than it is to own your home. But before you let that impact your decisions, you should understand what these claims are based on.
A lot of the time, these reports are assuming things that aren’t realistic for the average household. For example, the methodology behind one of those reports says that renting is the smarter financial option because of the opportunity to invest money elsewhere. It assumes renters take the money they’d spend on costs tied to buying a home and put it in an investment portfolio
But here’s the thing – most people who rent aren’t making those investments. Ken Johnson, Co-Author of the BH&J National Price-to-Rent Index, explains:
“One of the difficulties with the rent and reinvest model is many people simply rent and spend the difference. . . . That’s wealth destroying.”
The reason homeownership is one of the best investments you can make is the wealth it helps you build. That’s why there’s a significant difference between the net worth of the average homeowner and the average renter (see graph):
According to a recent Harris Poll survey, 8 in 10 Americans say buying a home is a priority, and 28 million Americans actually plan to buy within the next 12 months
Source:FederalReserve
So, before you renew your rental agreement, think about the opportunity to build wealth that homeownership provides.
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Design your dream kitchen with our easy-touse kitchen visualizer.
Everybody wants something different from their kitchen, which is why our online interactive design tool allows you to pick various color combinations before you work with a designer– all available to view online.
Whether you’re a new homeowner buying your first kitchen on a budget or you’re splashing out on the family kitchen of your dreams, all the inspiration you need is online.
Plus, our design tool allows you to save your choices and share them with friends and family!
Notsurewheretobeginwiththecreditrepairprocess?
Startbychoosingwhichofthese4optionsfitbestwithyoursituation.
First, take the time to understand the 3 laws that govern what the bureaus and creditors can do and your rights throughout the process. These are the Federal Credit Reporting Act (FCRA), Credit Repair Organizations Act (CROA), and the Fair Debt Collection Practices Act (FDCPA). Use standard dispute procedures to remove inaccurate trade lines from your credit report. Your best chance of success with this method is by mailing dispute letters to the credit bureau in which the inaccuracy on your report was found. Follow these recommendations to increase your chance of success
Settle ALL of your outstanding negative accounts with creditors and collectors for a complete deletion of negative information After that, get in the habit of paying off your credit card balances each month and never falling into delinquency with creditors PLEASE NOTE! In many cases, paying collection accounts will lower your credit score For this reason, we can’t stress the importance of becoming educated on the law before beginning your credit repair journey. What makes common sense doesn’t always make credit sense!
If the credit bureaus violated the Fair Credit Reporting Act by not removing inaccurate information from your credit report, you can consult with an attorney regarding a possible lawsuit
A personal advisor will review your credit profile to determine how our program will effectively increase your credit scores. We work together throughout each step you need to take in order to maximize your score. A credit report is like a finger print – it’s unique to everyone! That’s why we recommend all clients to at the very least sign up for our free credit consultation. In that consultation we speak to you specifically about the items on your credit report and how to best navigate the process
Zonda principal Mollie Carmichael shares her insights on the topic.
“The top things consumers are looking for today—based on over 60,000 people who have taken our survey— location is #1, home design is #2, and then price is #3,” states Carmichael. “That's really why it’s important to understand current product trends and what's going on in home design. It’s going to trigger them to make a decision when rates are creeping up and they're just a little bit more sensitive to buying.”
Top trends expected:
Sustainable design and eco-friendly materials
Smart-home technology
Indoor-outdoor living
Custom thought-out choices
Master suite with spa-like features
Well-designed kitchens
Storage, storage, storage
Plan for pets
Top trends that exceed expectations:
Smaller footprints with more creative design
Passive house with net-zero-ready features
Use of light to make smaller spaces feel large
More accessible design
Healthy living, working, and aging
Multigenerational housing/accessory dwelling units
New tech-savvy storage solutions
Metaverse engagement
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Choose from a FREE Video Doorbell OR our Benjamin Moore Paint Design Board.
Using your cell phone, take and upload your picture then tell us your color preferences, take our style quiz, or ask our Designers for their recommendations
Our Designers will create 3-5 initial designs based on your color preferences, then work with you online to create more designs until you find the one you love.
