If you’re thinking about buying a new home, chances are you’ve picked the brains of your family and friends. Most of them will tell you that it’s a smart move, but you may still have some reservations.
This is completely normal because buying a home is a huge commitment. To help you understand why buying a home is for the best, here are a few of Brunswick Crossing’s reasons:
Most rentals are constructed with thin drywall or shoddy plywood. With a new home, concrete, brick, stone and layers of insulating materials behind heavy gauge siding provide a great sound barrier to your neighbors. Not to mention, you can add a fence for additional privacy.
Predictable costs. If your home is on a fixed-rate mortgage, the cost of living is more predictable. This makes budgeting for other life expenses, like vacation, energy bills, and car payments, easier.
Appreciation. "Owning a house provides you with a valuable asset and financial stability," Peter Vekselman, a real estate professional with Keller Williams' Yates Estates in Georgia, told Realtor.com.A home is an asset that should appreciate in value over time. For example, a $200,000 home should see an increase in value to $250,000 or more -- depending on how long you live there and market conditions, according to Vekselman. This makes your new home a great investment and a way to establish a financial foundation for future generations.
- Equity. According to Forbes, “Your equity in your home is the amount of money you can sell it for minus what you still owe on it. Every month you make a mortgage payment, and every month a portion of what you pay reduces the amount you owe. That reduction of your mortgage every month increases your equity.”
- Tax deductions. The interest and property tax portion of your mortgage payment is tax deductible. Pair this with any business expenses, donations, and other deductions for a lower annual payment.
- Long-term benefits. While you have to pay the upfront cost of a down payment and closing, the monthly outlay of owning a home is much cheaper than renting in the majority of today’s markets.
- Amenities. An HOA community encourages physical activity by offering a community pool, basketball and tennis courts, walking trails, playgrounds and parks. Some communities also come with clubhouse amenities, including fitness centers, locker rooms, and rentable indoor and outdoor spaces for get-togethers and meetings.
- Assistance. Some communities provide recycling and trash services, road management, storm water management, and snow removal, which leaves less manual labor for you (or your kids).
- Location. Your home is most likely near local conveniences, such as nearby grocery stores, restaurants, professional offices, schools and gas stations.
- Safety. Whether it’s into a single-family home or a townhome, a boom of families are moving into HOA communities. This means boards are striving to make common areas safer with noise and nuisance regulations, crosswalks, adequate stop signs, a neighborhood watch committee, and home alarm systems.
- Atmosphere. When you buy a new home, you have a sense of pride in ownership. To enhance this feeling, your community will help you plant deep roots where you live through community events, volunteer opportunities, and more.
Renting takes away the opportunity to be creative with your décor. As a homeowner, you’ll be able to express your individuality through exterior modifications, floor plan options, and more. Feel free to paint the living room, add cabinets in the gourmet kitchen, or refurbish the garage. Your design choices answer to no one.