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 absolutely loved our new home from the first time we saw it, and have felt the same ever since moving in! From start to finish the entire process working with Creative Homes was smooth sailing. We couldn't be happier with our house or our home buying experience!
Wow! It's hard to know where to even start and I know I won't be able to list everything, but I have to try and tell you how we awesome we feel about the whole building process with Creative Homes and how much we truly love our new home. The process of building with Creative Homes was the most relaxing (sounds weird, but so true!) home building experience we have ever been through. The communication provided from the very start until the very end has been phenomenal. Not once during the whole process did we ever sit and wonder what was going on regarding our home. I honestly wish I could name everyone behind the scenes at Creative Homes who works so hard to make customers like us have such an awesome home building experience. This company has the standards and employees that all companies should take note of and follow the example of.
The Leick family share their unmatched customer experience working with our team.
We really had a great home building experience with Creative. Our home was completed on schedule and they worked closely with us on every aspect of the project. Our site supervisor was incredible – he was catching things before we even noticed them and had them remedied quickly and to our standards. Overall, we would highly recommend Creative and would build with them again in the future.
Everyone at Creative Homes was very easy to work with. They were very kind, helpful, professional and helped us through some ARC roadblocks so we could get the home we always wanted. My husband and I highly recommend Creative Homes!
