Why Owning a Home Is Better Than Renting
When it comes to housing, there are two basic choices: renting or owning. But which one is better for you? Renting is a good option if you are in transition or only need temporary housing. But here are some thoughts on why owning your home is better than renting:
Purchasing a Home Is Smarter Than Renting
Rent is a monthly payment that you make for a property that is someone else's asset. That means you aren't building equity from your expenditure. Renting may also come with extra fees, including security and non-refundable deposits, on top of the typical utility costs.
When you purchase a home, you are investing in your own equity, not your landlord’s. Mortgage payments are typically more predictable, whereas rents are constantly subject to annual increases. Your mortgage payments have tax deduction benefits too, something that monthly rent payments do not.
You Get an Asset for Building Wealth
A home is an investment that helps you build wealth over time. Besides having a place where your family can live, you have an asset whose value is rising over time.
As you build equity, your home can also be a source of additional capital if needed. Refinancing your mortgage is borrowing against your home’s value to settle other bills or ventures. Something not available when you are renting.
You Don't Have to Deal With a Landlord
Let's face it, dealing with strict landlords or uncooperative property managers can be a challenge. Owning a home ensures that you promptly manage updates or repairs that might otherwise not be available or dealt with promptly when left to a rental property owner/manager.
Being beholden to rent increases and other property rules and regulations don’t exist when you own your own home. And you will have peace of mind that you aren’t subject to someone else’s life changes or homeownership transfers that affect leases or rental agreements.
You Can Personalize Your Home the Way YOU Want It.
When you own your own home you have the freedom to personalize your space the way you want it. Owning a home gives you the liberty to change the color of the walls, remodel the floor plan or change out surfaces, cabinets or appliances. You can change any aspect of your home without worrying about lease contracts limitations with a rental home.
If you are looking to make a smart investment in a new home choice, purchasing just makes sense. At Conner Homes we have new homes in King, Pierce and Snohomish Counties, in Seattle, Buckley, Bonney Lake, Snohomish, and Kent. What’s more, we have partnered with trusted mortgage lenders who can help guide you to new homeownership.
Visit our Financing page for more information about our preferred lenders and how they find mortgage solutions that work for you.