Imagine this. You and your budding family just moved from a cramped, overpriced apartment rental into a sprawling new home. Renting felt like you were held under lock-and-key, but now the benefits of being a homeowner are at your fingertips. There are no rules or cranky landlords, just a fresh space to transform into a family home.
This is the experience that many young Americans are happily diving into these days. You can thank a culture shift for that, both socially and economically. Millennials, young families, and single parents crave a community-minded space that is family-oriented and flexible. Thus, buying a residential home.
Economically speaking, data shows that buying is actually more affordable than renting a home in almost 64% of the US housing market. On top of that, homeownership in the US was at 65.3% in the first quarter of 2020.
1. No Fluctuating Payments
The price of rent tends to fluctuate every year. However, a fixed mortgage rate does not change- ever. So, that means with a fixed APR loan, the price you pay each month for your mortgage will never change. That could be 10, 20, or even 30 years. Consider financial predictability as a major benefit of buying vs renting.
2. Personalize Your Space
One of the significant drawbacks of renting instead of buying is lack of personalization. When you buy your own home, you can customize it any way you desire. If you want drill a whole in your wall to hang a TV, go for it. You have the freedom to paint, plaster, and remodel as you wish.
3. Offers a Second Income Stream
Another great benefit of buying vs renting lies in your ability to turn a new home into a second income stream. Think about it. If you have an extra room to spare, it could easily become a renter space.
4. No Worrisome Landlord
When you buy your own home, you will never have to deal with a worrisome landlord again. You are the sole captain of the ship, metaphorically speaking. All the responsibility (and power) falls to you, the homeowner.
5. Build Equity
Renting a property does not build any sort of equity for you to add to your portfolio of assets. It can be argued that renting instead of buying is the equivalent of throwing money in the trash. Even if you purchase a home and then decide to move, the resale value could be more than what you initially paid.
That pretty picture we painted earlier could be your next reality. If you find yourself looking for a new family-friendly community in Van Alstyne Texas, check out Tinsley Meadows
The newly developed residential & commercial community of Tinsley Meadows is located just 15 minutes north of Mckinney, Texas, which is already attracting killer restaurants and retail players. Get your foot in the door early to experience the excitement of Van Alstyne paired with the joy of buying a home.