Columbus Home Buyers Have Long-Term Advantage over Renters - Columbus Ohio Real Estate | Buyer's Resource Realty Services

Columbus Home Buyers Have Long-Term Advantage over Renters

Columbus home buyersWith Columbus home prices pressing higher and interest rates on the rise, some home buyers feel discouraged. Buyer frustration isn’t limited to Central Ohio; recent surveys show that fewer Americans think now is a good time to buy.

As challenging as it can be to buy a home, being a renter is an expensive proposition! The latest Consumer Price Index shows that June rents posted the largest monthly increase in 36 years. Nationally, rent-burdened households now include income levels between $51,000 and $150,000, though lower-income households are hardest hit.

Closer to home, statistics from Rent.com show Columbus 2-bedroom apartment rents up by 11% on a year-over-year basis, when comparing August 2022 rents to August 2021.

Home buyers who use a fixed-rate mortgage for their purchase have two major advantages over renters:

  1. The ability to control their housing costs for life.
  2. The ability to build equity and have something to show for their money.

Home ownership is arguably the best financial defense against inflation. However, some home buyers still worry about potential home value declines, such as those we saw during the Great Recession.

But unless you are selling your home during a market decline, while being upside-down in value and taking a loss, temporary dips in value won’t derail you. You’ll still have a place to live as long as you pay your mortgage. You can pay off your mortgage eventually and live payment-free thereafter. Home value appreciation is the frosting on the cake.

Now imagine your landlord selling the apartment complex, and giving you a 30-day notice to move out. Imagine this happening while rents are at historic highs. That’s derailment!

Still, there are situations where home ownership isn’t ideal. Homes located in blighted areas, and homes that fall into disrepair are not going to enjoy the same uptick in value as others may. Buyers who purchase homes beyond their means could find it difficult to handle unexpected repairs or property tax increases. Those who skip a mortgage payment or two during times of hardship could end up in foreclosure.

Finding the best possible home for your needs and budget is essential for long-term, successful home ownership! This is where our services as your Exclusive Buyer’s Broker make all the difference. Learn more in our free e-book, “How to Buy a Home like a Pro!”

As Exclusive Buyer’s Brokers, we serve your best interests at all times! Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest at all times.

Understanding this distinction could literally save you thousands of dollars not only on the purchase price and terms, but also on seller concessions and home inspection issues, whether you are a first-time homebuyer or an experienced homeowner!

Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!

Andrew Show
Exclusive Buyer’s Broker, CEBA-M, MCNE, CSP, PSA,e-PRO, CREM, ABRM, AHWD
Buyer’s Resource Realty Services www.BuyersHome.com
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax

Previous post:

Next post: