Stable Monthly Housing Costs

When renting a place to live, you should always expect that the cost of rent to possibly increase as your contract is renewed each year or possibly more often depending on the cost of living in your area. If you are applying for a home loan and go with a fixed mortgage rate you will always have the same monthly payment for 30 years. Even with an adjustable rate mortgage, the amount you pay will remain in a certain range for the entire length of the mortgage. As an additional bonus currently interest rates aren’t as inflammatory now as they were compared to the the late 70s and early 80s.

Its easy to compare what the cost of rent is now to what it will become in the future. If you are able to remember the cost of rent ten years ago compared to what it is now you will now that buying could be a very wise decision if your able to make a mortgage work with your budget.

If you know what your cost of living is each month it makes it easier to budget for all of your utilities and extras if need be. If you need to make changes to your house to accommodate a growing family or changes in your life you will be investing money instead of throwing it into a house that you may be evicted from two weeks later.

By having stable monthly housing costs you can not only budget for new things that you may need but you will also be able to plan ahead for vacations, school funding, and other important events that you may not be able to if your unsure of what your living costs will be.