5 Reasons To Buy vs. RentJuly 31st, 2020 | by Jon Bach | Posted in Uncategorized | #buy vs. rent, #buying, #buying a new home
Wondering whether you should buy or rent? Here are a few reasons why buying might be a better choice for you.
1. Creative Freedom
Owning your home means you can do anything you want with the property, like paint your kids room yellow, replace the carpet with hard wood flooring or just completely remodel the kitchen to the style you love.
2. Financial Incentives
Homeowners can deduct their mortgage interest and property taxes on their tax returns each year. This savings can often make the cost of owning equal to (or often less than) renting.
3. Predictable Payments
With renting you might be subject to annual rent increases, but if you get a fixed rate on your mortgage payment, the amount of your payment can never change.
4. Forced Savings
Paying your mortgage every month is liked a forced savings account. Every month you owe less as the value in your home goes up. Making it a better investment. Rent payments go directly to your landlord and there is no investment or asset for the renter.
5. Investment Potential
Appreciation is based on your homes total value, so it can outpace the gains you might see from investing your downpayment dollars elsewhere, like the stock market.
Now that you know these five reasons why it might be better to buy new then rent, give us a call for a free consultation on a custom or semi custom home to get your questions answered!