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Wondering about renting vs. owning? Should you take the leap into homeownership? It’s a big decision and the biggest purchase most people make in their lifetime. However, there are very few benefits associated with renting. So, although it may seem easier or more convenient to rent, you could be missing out on major benefits of buying a home for yourself and your family.
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Investment
Purchasing a home is an investment. A monthly mortgage payment is an investment in your family’s future since a home typically begins to appreciate as soon as you move in – especially a new home!
When you choose to move a few years (or several years) after purchasing your home, it has appreciated, and you will likely make enough off the sale to pay your home loan and be able to significantly invest in your next home.
Many of our new homes are in desirable school districts, which makes selling or leasing out easier (if you choose to keep it as a rental home).
When you rent and move from place to place, you get nothing back – many times not even the deposit you put down to move in! In addition, the cost of renting continues to rise. Take a look at how much rent could cost you:
Privacy
Buying a brand new Betenbough home is an investment in more ways than one. When you purchase a new home, you also gain privacy. Your home is your own so you don’t have to deal with apartment or landlord rules. You are free to decorate your home to suit your style. A home is a place to call your own, with a backyard and space you can enjoy with friends or family.
Tax Benefits
Owning your own home can yield substantial tax rewards, too. For example, the mortgage interest deduction allows you to deduct interest payments with property taxes.
Protection from Rising Costs
Rent will inevitably rise with inflation, but a mortgage locks in the majority of your housing costs. Your monthly payment is fixed, but due to inflation you will pay a smaller and smaller share of income on housing over time.
Other Reasons to Own vs. Rent
What are other reasons to invest in a new Betenbough home? We provide home buyers with many features other new home builders do not, while still maintaining a competitive price. For example, our new homes come with a two-year comprehensive warranty, granite countertops, under-cabinet lighting, included appliances, and more!
With a new home you can enjoy tax savings, increase your net worth, and build equity. If you’re ready to get your home buying journey started, contact us and meet with one of our preferred lenders who can answer any lending questions you might have.
