Owning a home is a significant milestone that brings both personal satisfaction and financial rewards. If you’re currently renting, it might be time to consider how homeownership could offer you stability, financial growth, and a place truly your own. Here’s a closer look at the benefits of owning a home, with insights from Abby Walters at Preslee Real Estate and lending partner Mark Lynch of Guild Mortgage.
Why Buying Beats Renting
Building Equity and Wealth
When you own a home, each mortgage payment builds your equity—meaning you’re investing in an asset that can grow in value over time. Unlike rent, which pays your landlord’s mortgage, each dollar you put into your mortgage enhances your own net worth. Plus, homeownership offers opportunities to take advantage of tax deductions on mortgage interest and property taxes, helping you keep more of your earnings. Mark Lynch emphasizes that homeownership is a foundational way to build personal wealth, with the added bonus of potential tax savings.
Stability and Personalization
One of the frustrations of renting is the lack of control—restrictions on pets, decorating, and even who can visit. By contrast, owning a home gives you the freedom to personalize your space, from paint colors to kitchen upgrades, allowing your home to reflect your unique style and needs. Abby Walters notes that buying offers a deeper sense of community, as you’re likely to have fewer neighbor changes, creating a stable environment for you and your family.
Financial Security
Owning a home also protects you from rising rental costs, which can increase yearly without much warning. A fixed-rate mortgage, however, keeps your monthly payments stable, making budgeting easier. Renters face the ongoing risk of rent hikes, new fees, and even eviction, while homeowners enjoy predictable payments and, ultimately, a home that’s fully paid off. As Mark Lynch points out, owning offers peace of mind that renting simply can’t match.
The Cost of Renting Adds Up
It’s easy to overlook how much you’re spending on rent over the years. If you’re paying $1,500 in monthly rent, for example, you’ll spend around $180,000 in just 10 years, with no equity to show for it. Meanwhile, that same investment in a mortgage could allow you to own a property that grows in value. As Abby Walters and Mark Lynch suggest, those funds could be working toward your financial future instead of going to your landlord.
| Monthly Rent | 3 Years | 10 Years | 15 Years | 30 Years |
|---|---|---|---|---|
| $1,000 | $36,000 | $120,000 | $180,000 | $360,000 |
| $1,500 | $54,000 | $180,000 | $270,000 | $540,000 |
| $2,000 | $72,000 | $240,000 | $360,000 | $720,000 |
| $2,500 | $90,000 | $300,000 | $450,000 | $900,000 |
| $3,000 | $108,000 | $360,000 | $540,000 | $1,080,000 |
Ready to Make the Move?
If you’re wondering whether homeownership is right for you, reach out to Abby Walters at Preslee Real Estate or lending expert Mark Lynch at Guild Mortgage. Together, they can help you navigate your options and determine if buying makes sense for your financial goals.
Contact Abby Walters – Team Abby Walters of Preslee Real Estate
Broker/Owner
Licensed in VA and WV
365 E. King St, Strasburg, VA
📱 540-227-4416
📧 [email protected]
🌐 TeamAbbyWalters.com
Contact Mark Lynch – Guild Mortgage
Guild Mortgage – Company NMLS #3274
125 West Piccadilly St, Unit 1, Winchester, VA 22601
Equal Housing Opportunity States licensed in: DC, FL, GA, MD, NC, PA, SC, VA, WV – (www.nmlsconsumeraccess.org)
