8 Reasons to Invest in Buying a Home Instead of Continuing to Rent
April 25, 2016
Selling people on the idea of homeownership isn’t usually too hard. After all, it’s the quintessential American dream. From the sense of security to the sense of community, not to mention the financial benefits, the advantages of owning a home – especially a Sandcastle Home – are clear.
Deciding to buy a home is among the biggest financial decisions that many people make. The advisability of buying versus renting depends on many things – location, financial stability, future plans and lifestyle preferences.
There are quite a few reasons to consider buying a home, including:
- Building equity. A renter’s monthly payments only benefit the landlord. Mortgage payments made by homeowners build equity for them.
- The home will be yours. As a renter, you have a limited ability to personalize your living space. As an owner, you can have things just as you want. You can move the walls, build an extension or paint the walls any color you want.
- A measure of inflation protection. Studies by Case-Shiller suggest that, over the long term, housing has beaten inflation by a couple of percentage points a year.
- It is forced savings. Part of a mortgage payment goes towards the principle repayment. You’re paying yourself by building equity. As a forced monthly savings, it is a good discipline.
- Stable housing costs. The curse of renting is the inevitable increase. With a fixed-rate mortgage, the payments are fixed for the life of the loan, a clear advantage over rental market fluctuations.
- Tax benefits. Homeowners enjoy tax deductions on interest payments and property taxes.
- Controlling your destiny. A renter is always at the mercy of the landlord. As a homeowner, the power is in your hands.
- You’ll get a better home. It’s getting harder to find a good rental. If you want the best home, in the best neighborhood, you may be better off buying.
Always consider the true cost of renting, investing your money – month after month – in something you don’t actually own. Instead, turn that rent payment into a down payment on a home of your own. Call or visit us now and start investing in your Sandcastle home today!
Sandcastle Homes has been building luxury homes at affordable prices in Houston’s Inner Loop neighborhoods since 1995. Visit sandcastlehouston.com today.
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This post was written by Sandcastle Homes