Why Buy? The Top Benefits of Buying Instead of Renting
Feb 23, 2021

Why Buy? The Top Benefits of Buying Instead of Renting


Why Buy? The Top Benefits of Buying Instead of Renting

It’s a common question: Should you buy or rent a home? Unfortunately, there isn’t one right answer to this. A lot depends on your financial situation, home prices in your area, and a number of other factors. However, there are some solid reasons why buying is a better option than renting. Especially right now. Here are a few benefits of buying a home that might sway you to making the jump from renting to owning.

No Unexpected Rent Increase

Anyone who has rented the same place year after year knows the dreaded rent hike. While you can predict an increase in your rent, it’s hard to know how much to expect each year. When you buy a home and lock in your interest rate, your mortgage payments will remain the same throughout the life of your loan. No unpleasant surprises, no extra fees added on. Predictable payments can be lifesavers.  

Never Sacrifice Your Deposit to Paint a Room

The creative freedom of owning a home is incredible. You can paint the walls any color you want. You can replace carpeting or put in a hardwood floor. You can put up shelves, remodel the kitchen, even plant trees and build a deck. All without worrying about losing a rental deposit. You can truly make your home yours when you buy.

Don’t Forget About the Tax Benefits

Here’s another reason to own a home: You can save on taxes every year! Deduct mortgage interest and property tax on your tax return every year, which can make the monthly mortgage cost the same – or even less than – renting.  

Two Words: Home Equity

Your home equity is the amount of money you’ve paid toward your loan, including your down payment. That means you can build equity just by making payments every month! And you can use that equity to remodel your home, pay for college, or pay down debt. Just by renting instead of buying, you’re losing out on valuable equity.

OK, so Buy Instead of Rent When Possible. But Why Now?

Right now, home prices are rising while mortgage rates are staying low. Historically low, in fact. However, home prices are increasing higher than mortgage rates are decreasing. If you’re looking to buy a home now – or still in the decision phase – you might want to take advantage of this unique situation. As the economy shifts in a post-COVID-19 world, we might see house prices jump up and mortgage rates following.

 

Choosing to transition from renting to buying is a big step. There are a lot of long-term benefits of buying a home that aren’t available to you when renting. For future planning, building equity in a home and investing in your future – rather than paying your landlord – is a smart route to take.

Hear From Our Homeowners

Creative Homes Testimonial
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From the initial conversations and choosing our lot and floor plan, to our design meeting and the actual build itself Creative's team made us feel at ease and went above and beyond. We felt like they truly cared and looked out for our best interests. 

Nick & Jenny
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The Leick family share their unmatched customer experience working with our team.

Leick Family
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If you are thinking about building a home with Creative do it! The entire process and team has been outstanding. Everyone warns you about how awful building a house is, with Creative it has been nothing but a turn key easy process. Their team is best in class.

Mike & Bridget
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During the entire purchase, selection, and building process I found everyone I worked with very knowledgeable and friendly. I lived in Tennessee while my home was being built. The great communication kept me from feeling stress about not physically keeping an eye on the build. I was provided with many pictures as well.
Mitze
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Creative Homes put together our dream home! We were so nervous about the process and making the wrong decisions, but they were there to make everything turn out perfect. They went above and beyond to make our needs met! 

Keandra
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