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.
The building process was so fun and easy; every week it was so exciting to see progress on our home. The design studio made for an easy experience when picking all the materials for our home. From start to completion, their attention to detail was phenomenal. Creative Homes has a solid team of experts and were always there to answer any question we would have. There is no doubt that I would recommend Creative Homes to anyone building a home.
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.
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.
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.
