It is easy to fall into the routine of renting a house or apartment: signing a yearlong lease, writing a check for the security deposit, then another every month for dues and utilities. On top of everything, you have a strict set of rules that apply to the way you can treat your space. Most of the time, renters cannot repaint a room, put holes in the walls or replace or move the furniture. That sounds slightly unfair for all the money you keep giving your landlord, right? Maybe it’s time to consider buying a home instead of renting one.
It may seem counterproductive in terms of responsibility and money to put a down payment on a house, but the investment is well worth the time and effort. Here are some of Ryan Homes at Brunswick Crossing’s favorite benefits to buying instead of renting:
Renting a space takes away from individuality. We mentioned before that there are many rules that apply to decorating your rented house or apartment, so why not buy a one and make it your own? While there are regulations and inspections in HOA neighborhoods about how the outside of your house should look, the inside is free reign. Feel free to put holes in the walls to hang family photographs, and repaint your child’s room yellow if they want. Get rid of the dusty sofa, and buy a nice living room set. This is your home now, so make it how you want it. With buying a house comes more privacy and pride in ownership, too.
Renting gives you only a space and a mailbox. Buying a home in an HOA community gives you extra benefits, such as amenities and services. Most neighborhoods offer a pool, indoor fitness center, parks and playgrounds, picnic areas, and sports courts/fields. Some HOA communities even provide road management, snow removal and storm water management, which means no more worrying about if your landlord shoveled the walkway before your morning commute. A lot of organizations also put your family’s safety and security as a top priority by offering neighborhood watch programs, crossing guards and well-lit areas. Another benefit to buying a home in an HOA community is the luxury of local conveniences, such as grocery stores, professional offices, schools, restaurants and gas stations.
Renting means money lost. You write a check almost every month to pay your landlord. You turned in a security deposit, which is non-refundable if you do not follow their rules. Not to mention, your landlord has the option to raise your rent. You probably think all of those little payments are still cheaper than purchasing a house, but you’ve been misled. Homeownership builds wealth and increases equity over time because mortgage payments are more steady and predictable due to its basis on a fixed rate. Also, unlike renting, you receive a tax deduction on the interest and property tax portion of your mortgage payment. According to realtor.com, if you buy a house right now, you can save up to $19,000 in one year. That’s about $200,000 over the next 30 years (depending on the market), so start paying your mortgage company instead of your landlord.
Owning a home is a big financial and personal commitment, but it is a smart move. (No pun intended.) You will actually end up saving thousands of dollars and reap the benefits of convenience and community. When you buy a house, you can make it a home with your touch of individuality.