Discover five key benefits of buying a home versus renting, from building equity to gaining more freedom and stability. This guide highlights the financial and lifestyle advantages of homeownership, helping you make an informed decision for your future.
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.
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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.
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.
(Learn More about the Benefit of Investment Properties)
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.
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Our homes are crafted with care, prioritizing comfort, quality, and thoughtful design to create spaces that truly feel like home for every family.
Our homes are designed with flexibility and personalization in mind, offering options that fit your unique lifestyle and preferences.
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