If you’ve been renting a Rittenhouse Square condo for some years, it might be time to put down roots and buy one! You love the area, the community, and all of the amenities the property provides. You can see yourself in the same space for the foreseeable future, why not? Here are some benefits to buying your condo instead of continuing to rent.
Equity
One of the best benefits to buying your Rittenhouse Square condo is the equity that you’ll build. Equity is the difference between the amount you owe on your home and the market value of it. According to an article by Discover.com, building equity can happen in two ways:
- With each monthly mortgage payment you make, a portion goes toward reducing the amount you owe on your loan, which increases your equity. In a sense, paying your mortgage is a form of savings, as it increases the equity in your home.
- As your home increases in the value, it creates more equity for you.
You can borrow against your equity to get financing for things like home repairs and improvements, medical expenses, or education when necessary. A home equity loan or line of credit may also come in handy to pay off high interest credit card debt, as the interest rate is generally lower and the interest payments are tax deductible.
Stable Housing Costs
Buying a Rittenhouse Square condo provides a more stable sense of housing costs. When you’re renting, you may not be expecting an increase in rent. When you own your condo, you know what the payments will be every single month for the foreseeable future. You can better plan your finances and even work to pay down your mortgage at a quicker rate so that you’ll owe less sooner.
Freedom
One of the best things about owning your own home is the freedom to do with it what you like. When you rent, you aren’t always allowed the freedom to create the space you want. However, when you own a Rittenhouse Square condo, you can paint the walls whatever colors or patterns you choose, you can renovate as you see fit, and you can own the types of pets you’ve always wanted. The freedom that comes with home ownership is truly unmatched.
If you’re on the fence about buying a Rittenhouse Square condo, weigh the benefits. In the end, the benefits of home ownership can outweigh those of renting – especially in such a desirable area of Philadelphia. Welcome home!
