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.
This is the second home we have built and after the horrible experience we had the first time, I said we would never do it again. Thankfully, our experience with Creative Homes was the exact opposite. We have had a wonderful experience with the quality and detail of the home and everyone we have met from Creative Homes.
Building a home with Creative is more than a process of building a house. Its the people you get to meet, work with and get to know along the way. And Creative knows the right people to have in the right position.
We had an incredible experience with our build by Creative. We LOVE our new home, & are so grateful for such an easy-going process from start to finish!
I want to take a minute and write to you to express our gratitude for you and the whole Creative Homes Team. You made our dream come true, and every time I enter our new home I cannot believe it is ours. Thanks again!
Our family recently purchased a move in ready home from Creative Homes and we absolutely love it. The design and quality of the home was done with great attention to detail. The staff, in all phases of our purchase, was amazingly accommodating and professional. I would recommend Creative to anyone who is looking to move into a new house or build a new house!