Let’s look at the advantages of Owning vs Renting. Purchasing real estate is a big decision that shouldn’t be taken lightly. It’s likely one of the biggest purchases you’ll make in your lifetime. Just because it can be a daunting task, doesn’t mean it won’t be worth it! Let’s take a look at some of the reasons you should be owning rather than renting.
Owning vs Renting #1: Rent Rises
If you have a fixed-rate mortgage, you’ll be able to better budget your money. Rent is always on the rise, but by owning your home, you’ll have more control over your finances. Sure, you have insurance and taxes, but rent can rise at a much faster rate, which leaves your future income up in the air. Not to mention, you can deduct your property taxes when filing your tax return!
Owning vs Renting #2: Nest Egg
Every time you make a mortgage payment, you are paying down your loan and building equity. You’re paying off your home and also benefiting yourself. It’s a win-win situation! When you make a rent payment, you’re only benefiting your landlord in the long-term. All of that money is gone for good, so you may have a roof over your head for another month, but you’re not investing in your future.
Owning vs Renting #3: Freedom to Renovate
Renting comes with a list of do’s and don’ts. Any renovations need to be approved by your landlord, and there’s no guarantee depending on what you’re requesting. Some may not even let you paint! If they do, it’s very likely you’ll be required to paint it back when you move. Owning a home gives you complete freedom to do what you’d like to your home. Paint the walls any color, swap out the flooring, or re-do the roof. While the cost is your responsibility, remember you are also (in many cases) adding value to your home. The more you take care of your property, the more it will serve your investment.
Owning vs Renting #4: Privacy
When you rent, you are living in someone else’s property, and that allows them a certain set of rights. They often have access to the home, and can drop by (with proper notice) whenever they need. Home ownership allows you the comfort of knowing that your privacy is not up to someone else. There’s power in owning your privacy.
Owning vs Renting #5: Sense of Community
When you purchase a home, you take on a new understanding of what it means to tend to your property and make your neighborhood the best it can be. Don’t get us wrong; renters care about their property too. But when something is truly “yours”, you take a new sense of pride in it. You want to be a part of the community because the better your community is, the more your home increases in value.
When weighing the pros and cons of buying real estate, these are main points to take into consideration. There are an array of programs available to home-buyers today, and often one will find one that meets their exact needs. We are ready to help you take the leap!
If you’re seeking a new home, go with a provider from your neighborhood that is dedicated to finding the best rates for you. Call Garden State Home Loans today or click here to request your rate and get started!