Your house is so much more than a home — it’s your place in the world. That’s why owning your own home gives you a sense of security that you don’t get with renting. When your home is yours, and not a landlord’s, you can make it entirely your own and enjoy lasting financial benefits and security.
One thing that’s important to keep in mind: if you can rent, you can own. (Yes, it’s true.) And if you can own, you can buy new. Take a look at how buying a new home vs. buying a used one or renting will enhance your life for years to come:
Your Wants and Needs
- A better home. A brand new home that you choose provides the modern space and design that you want, in a location that you love. Not to mention, when you choose a reputable builder, a new home is likely built to today’s standards of energy efficiency that keeps you comfortable and saves you money.
- New is all you. In a used home, whether you’re renting or buying, you’re stuck with someone else’s style and choices. But as the owner of a brand new home, you have “creative control” over the look and feel of your living space, from your exterior and floor plan to interior personalizations and more.
- No landlord. When you rent, your monthly payments only benefit your landlord, whereas mortgage payments made by you build equity for you. Building equity is significant because you’re able to directly affect what your home is currently worth compared to what you have left to pay on your mortgage. You can use your equity for investments like “home improvements, or to consolidate debt and plan for your retirement.”
- Financial predictability. Simply put, renting is unstable. Rental rates can increase (sometimes based on the whims of your landlord… which is not the kind of surprise you typically enjoy). With a fixed-rate mortgage, your payments remain the same for the life of the loan.
- Tax benefits and savings. When you own your home, part of your mortgage payment goes toward the principal repayment, helping you to build equity. Best of all, you’ll continue to enjoy tax deductions on interest payments and property taxes.
If you’re thinking about making this exciting decision, it’s a good idea to find a reliable and knowledgeable team that you can trust every step of the way. After all, purchasing a new home should be one of the most enjoyable and memorable times of your life, and a dedicated team can make all the difference!
When your home is yours, you can truly make it yours. If you’re thinking about turning your rent payment into a down payment, remember the advantages that come with a brand new home! You deserve it.