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Young adults are making moves to leave the comfort of their parents’ home and strike out on their own. As they develop their careers and start families, the question of whether or not to buy a residential property is impossible to ignore. It’s a big step, but becoming a homeowner in your twenties or early thirties could be a lucrative financial decision. SWE Homes in Houston, TX, works with new homebuyers, many of them Millennials, who are searching for their first place to call home.

Here are three reasons Millennials should consider buying a residential property instead of renting:

  • Cheaper Than Renting: Renting has always appealed to young adults because it’s less permanent and more flexible than owning a piece of real estate. It’s a short-term commitment with fewer responsibilities, but many make the mistake of thinking it’s less expensive than buying. According to Investors.com, it’s cheaper to pay a mortgage than rent in almost every state.
  • residential propertyAn Investment In the Future: When you rent, your monthly payments go directly into your landlord’s pocket. That money disappears from your bank account, and while it keeps a roof over your head today, it doesn’t do anything for you tomorrow. But when you pay a mortgage, you’re making an investment in your future. Home equity increases with each mortgage payment, and that puts extra padding into your retirement account. 
  • Possible Extra Income: What if you could be a landlord? When you buy a residential property, you have the choice to call it home or rent it out. If you’re careful with your investment, the rent you receive from your tenants will pay your mortgage and give you a little extra in your bank account each month.

Buying a house comes with countless benefits, and many Millennials are ready to take advantage of them. But before you get started, you’ll need some help. Call SWE Homes at (713) 413-1000 to learn more about buying a residential property, and visit their website to start browsing properties.image

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