For some, choosing between renting or buying a home is a difficult decision.
Renting a home can be an appealing choice for those who want less commitment or maintenance responsibilities, or if job prospects, family issues, or health concerns require you to move frequently.
But, if you are not constrained by certain circumstances, buying a home is typically a more attractive option than renting. Consider the benefits of buying over renting.
- Renting means you are at the mercy of a landlord. Even if you like where you live and you are a good tenant, if the owner wants to sell the property once your lease expires, they have the right to do so. This can be very stressful, especially if you are stable in other areas of your life and don’t need a flexible living situation.
- Renting means you pay for someone else’s asset. You are not gaining any equity despite making monthly payments. By renting, you are paying for someone else’s asset. If you buy a home, you will be building equity on the home each month. This means that your home is an investment rather than just a monthly cost.
- Owning a home means that you don’t have anyone to answer to but yourself. You can make changes to the style of the home, choose your own paint and décor, and you are not bound by the terms of a rental agreement. Homeowners also have access to tax benefits that are not available to non-homeowners. As a homeowner, you have the option to claim the interest paid on your home loan if you itemize your deductions.
There is no doubt that buying a home should only be done when you are at the right stage in life to handle the commitment and responsibility. And of course, we at LifeStyle Homes believe in the perks of building a new home versus buying a used one.
In either case, when you are ready to buy, remember that you don’t have to do it alone. Experienced sales professionals like the ones at LifeStyle Homes will guide you to the right neighborhood, home plan, and lender. We invite you to reach out to us today to discuss options for building the home of your dreams.