Benefits of Owning Your Own HomeIndependence and Freedom:
You can make changes to your home and you have more privacy and freedom than renting. You can plant the garden you’ve always wanted—and pets are always welcome if you want them!
A home is a savings account. Houses typically go up in value—whether that is in a few years or a few decades. Also, each month when you make your house payment, you are increasing your equity (and your savings). You can consider it a “forced savings account.” Renting does not provide any investment benefits.
A home is a place for making memories. Spending holidays or having barbecues with family and friends; having and raising a family; whatever you enjoy—you can do it in your home.
Why Make the Move Now?
Because it makes sense!
- Rapid City is one of the best communities in the country with some of the best outdoor activities! The Black Hills are a fantastic place to live!
- Interest rates remain near record lows—they will not stay there forever and they can’t really go much lower
- Rapid City has a robust housing market!
- The Black Hills region also has a strong market!
- Housing prices have been rising for the past four years—it’s a great time to sell and to buy—because prices will likely continue rising
- Rent prices continue to increase across the country, outpacing home prices—and rent is an expense that isn’t an investment
- First time home buyer programs can provide assistance with the down payment and provide a lower interest rate if a person qualifies
- Lower down payments are available for conventional mortgages with Fannie Mae and Freddie Mac—as little as 3% down may be possible
- If you are looking at FHA mortgage options, FHA mortgage insurance premiums are lower now than they have been