Some might wonder if it makes sense to own a house or rent one. The DiMora Team are real estate experts in the Novi and Northville neighborhoods and when we see people trying to decide whether to rent or buy, they should look at the rental rates in the neighborhood where they’re considering buying and compare it to how much the mortgage would cost on a similar property in the same area. When you buy, your monthly mortgage payment is guaranteed to stay at that same amount, unless you refinance five years down the road—which would likely save you money—because you’ll now owe less on a home that’s worth more. That’s thanks to the next big benefit that comes with homeownership is that you are building home equity. When you rent, a big chunk of your monthly income is going straight into your landlord’s pocket with no other benefit to you beyond a place to live…temporarily. Check out below to see what sold in Turtle Creek in June 2020:
22372 S. Heatherbrae Way, Novi: 3 bedrooms, 2.1 bathrooms, 2,110 sq. feet, 2 car garage, Sold Price: $375,000
Turtle Creek Home Sold
June 2020
If you own a home for five years and then sell, you’re going to have a good bit of equity built up in your home. Whereas the person who’s just continued to rent for those five years has nothing except some cancelled checks. For more information on Turtle Creek, or similar Northville or Novi neighborhoods such as Roma Ridge, Dunbarton Pines and Maple Hill, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.