Buying a home can feel like a major obstacle for many first-timers in Glencoe, Winnetka, Highland Park, Deerfield, Northbrook, Lake Forest, Wilmette, Evanston, Glenview, Riverwoods, Bannockburn, and the surrounding North Shore communities, but passing on the opportunity this year could create an even bigger hurdle. As rents continue to rise and mortgage rates continue to remain under four percent, the answer is clear— buying a home is a better investment than renting.
Homeownership allows North Shore residents to start building equity and long-term wealth. It is a way to provide stability for households and a means of reinvesting wealth, into your own pocket. If you continue to rent, tossing more money out the window each year, you place yourself further from these benefits.
Believe it or not, North Shore homeowners also have the ability to save money each month by investing in a home instead of a rental.
Homeowners gain an advantage not only because of the “forced savings” each month, but due to the growing equity and wealth produced by this single asset.
Renters on the other hand, due to rising costs each year and the overall expenses of apartments in the Chicago area, are unable to save enough for a down payment and are pushed to continue on their current housing path.
But rest assured, first time homebuyers, not matter how you acquire the down payment, whether through family or friends, your investment is one you will not regret. You have a significant opportunity— given low mortgage rates and current housing prices—to better channel your monthly housing payment and watch your net worth build.
Prices and rates will only go up from here, so do not let this time in the real estate market pass you by! Give me a call today!
I’m happy to provide a list of available homes in Glencoe, Winnetka, Highland Park, Deerfield, Northbrook, Lake Forest, Wilmette, Evanston, Glenview, Riverwoods, Bannockburn, and the surrounding North Shore communities so we can find your dream home together!