As a real estate professional, one of the things you will want to do is encourage the younger demographic to purchase their homes instead of renting. Millennials took over the largest home-buying demographic in 2017 and it’s not going to change soon. Some young folks don’t have the mindset of homeownership or it feels like somthing their parents would do. As a new Idaho real estate agent, your job is to share the advantages. So, what are the advantages?
- Privacy and the ability to make one’s own decisions. There will be no landlord to enter your home for check-ups or repairs. There will also be no rules aside from governing bodies as to whether or not pets can reside.
- It’s usually a good investment. Sometimes the real estate market goes down, but it’s usually and historically rising. If you view a real estate investment as a long-term investment, it should pay off. As Equity builds, it can be used as leverage for other things or simply provide a nice down payment when it’s time to buy a larger home.
- Because one usually purchases a home with a 30 year fixed mortgage, the payment remains relatively the same. It will vary as taxes and insurance rates change, but the payment to the bank won’t increase. Rent can fluctuate and some owners simply have an annual increase to tenants to make as much as possible as the years go by.
- Homeowners generally get to write off interest they make to the bank while paying off a mortgage. This isn’t possible with rent.
So, there are a few very solid reasons to be a homeowner. Contact your nearest Idaho real estate agent for more information. For a list of Boise real estate agents visit homesbygenesis.com