Learn About Buying vs. Renting
Why You Should Buy Instead of Continuing to Rent
There are some big advantages to buying a home vs. renting a home. From the possible tax deductions to having the freedom to do whatever you want to your home, homeownership definitely has the upper hand when compared to renting. Here is an overview of the biggest differences:
• You have the opportunity to build equity
• With a fixed rate, your base monthly payment doesn't change
• Your home may become more valuable over time
• You have total design freedom
• You can get the right amount of space to suit your needs
• You might be eligible for tax deductions
Equity
One of the biggest reasons to buy rather than rent is the ability to build equity in your home. When you build up enough equity, you gain the ability to get cash from your home for expenses such as college funds, debt payoff, and the most popular reason, home renovation.
Renting your home or apartment doesn't allow opportunities to build equity.
Fixed Rates
Fixed-rate loans give you the assurance that your mortgage will be the same every month, whereas you're at the mercy of your landlord increasing your rent every year. There are several affordable financing programs and term options available to help you achieve the dream of homeownership.
Value Increase
Your home may become more valuable over time through appreciation and improvements you make. This means there may be potential to gain a profit if you decide to sell your home in the future.
Doesn't that sound like a pretty good benefit to homeownership?
Design Freedom
Have you ever wanted to build-on, redo landscaping, add in more storage options, or even just paint a room? Homeownership means having the choice to do so while renting requires you to comply with the guidelines that are in your lease contract.
Don't be limited in what your landlord says, take the next step and explore your homeownership options.
More Space
If you're renting, you may be missing out on some great features such as a garage, deck, laundry room, or pantry. You also might not have space for a garden or a yard where your children and pets can play.
Buying a home opens up all these opportunities! You and your family deserve an inviting space that fits the needs of your lifestyle. Let's get started on your homeownership journey today! See the different between renting and buying with our Rent vs. Buy calculator.
