You’re probably feeling the impact of high inflation every day as prices have gone up on groceries, gas, and more. If you’re a renter, you’re likely experiencing it a lot as your rent continues to rise. Between all of those elevated costs and uncertainty about a potential recession, you may be wondering if it still makes sense to buy a home today. The short answer is – it does. Here’s why.
Homeownership actually shields you from the rising costs inflation brings
Freddie Mac explains how:
“Not only will buying today help you begin to build equity, a fixed-rate mortgage can stabilize your monthly housing costs for the long-term even while other life expenses continue to rise – as has been the case the past few years ”
Unlike rents, which tend to rise with time, a fixed-rate mortgage payment is predictable over the life of the mortgage (typically 15 to 30 years). And, when the cost of most everything else is rising, keeping your housing payment stable is especially important.
The alternative to homeownership is renting – and rents tend to move alongside inflation. That means as inflation goes up, your monthly rent payments tend to go up, too (see graph):
Sources: BLS and US Inflation Calculator
A fixed-rate mortgage allows you to protect yourself from future rent hikes. With inflation still high, when your rental agreement comes up for renewal, your property manager may decide to increase your payments to offset the impact of inflation. Maybe that’s why, according to a recent survey, 73% of property managers plan to raise rents over the next two years
Having your largest monthly expense remain stable in a time of economic uncertainty is a major perk of homeownership If you continue to rent, you don’t have that same benefit and aren’t as protected from rising costs
A stable housing payment is especially important in times of high inflation
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Big screen TVs, fire features, stylish furniture, handsome finishes and ceiling fans are all hallmarks of today's outdoor living spaces
New Standards
Outdoor furniture today rivals the style and comfort of its indoor counterparts, but it must also stand up to the demands of the natural environment “Luxury is in the ease, the finishes, and the fixtures, that let a homey inside experience spill outside,” the National Kitchen & Bath Association study notes, with outside being the operative word. It “looks elegant, but designed to be easy to clean, ready to hose down,” it elaborates.
“I see greenhouses and conservatories gaining in popularity and doubling as a relaxation space or entertaining area,” Kimberly Kerl of Kustom Home Design in Greenville, South Carolina wrote. “There seems to be renewed interest in growing plants, flowers, vegetables, etc. at home in a controlled environment.The homeowner’s suite may also be outdoors in a more private way. Kerl has designed decks and balconies connected to the primary bedroom, she said, often coupled with a coffee station, as well as showers that extend to the outdoors for a rainforest-inspired experience
Outdoor Technology
Past decades saw indoor TVs carried out or, worse, installed on outside walls New models have greatly improved their ability to handle glare for quality daytime viewing. “What were once very thick, heavy and unattractive outdoor TVs that cost thousands and didn’t perform well are now nearly as thin as your indoor TVs and just as bright,” commented Ian Bryant, operations manager for Premier SAV technology. Today’s big game can be watched on a big screen on the deck as easily as it can on a living room wall
Your musical experience is going to be much better too, with hidden speakers serenading guests with indoorquality sound And you can adjust your lighting hues to mirror the mood of the music with colorful accents, or tie into a smart system to adjust on its own from perfection for day shifting to dusk, then darkness.
Jessica Petrino Ball, editorial director at online appliance and fixtures retailer AjMadison, sees homeowners and their design teams specifying the same types of appliances for indoor entertaining areas for their outdoor areas too Pizza ovens are not just about cooking, but also about the pizza party experience, with guests customizing their toppings and handling their own pies. The bar area may have a wine refrigerator (or two, for reds and whites), premium clear ice maker for gourmet style cubes, beer kegerator and, of course, seating and outdoor wine glass storage
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