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.
We love it from top to bottom inside and out!!! Thank You!! Creative Homes has been fantastic to work with, they have made it a breeze purchasing a new home. Every single person I’ve met from Creative Homes has been a pleasure to meet and they are very friendly and knowledgeable.
Best quality and people to work with. This is the 4th home I have built in my lifetime and by far the best of the best.
"The whole process was incredibly easy. I couldn't believe how perfect the house looked the day I moved in! The attention to detail shows in the little things. I'm continually impressed with features I find throughout my home."
I really enjoyed the weekly calls with the builder. It made me feel like I knew what progress was happening during the build, and really set a tone of trust with the builder that I wasn't expecting. I found those conversations, even when very short, to be extremely helpful in staying calm during the build process.
