Stop renting – buy a new home today
With interest rates at an all-time low, why not look into leaving your rental and purchasing a new home? To help you make a decision, we have reviewed renting vs. buying options.
For the most part, purchasing a home is the better option over renting. However, there are some instances where renting is the better option.
When is renting a better option?
Are you new to town and have no idea where the best places to live are located? Do you have a new job in a new city that starts within a month? Renting is probably the best option. If you are in these situations, renting allows you to move-in quickly and even allows you to walk away once the lease ends if you need to relocate again. Also, living in a rental means you are not responsible for repairs or maintenance.
Renting is also the better option if you have financial issues or simply do not have enough in your savings account to purchase a home. Maybe you need time to work on repairing your credit score or work on creating a savings for a new home to help pay closing costs, loan fees or other associated costs.
What are the downsides to renting?
The biggest downside to renting is simply that it is not your home; it belongs to someone else. This means you cannot paint the walls, change out the floors or update appliances. Also, what about your furry friend? Some rentals allow pets, with a deposit that you are most likely not getting back as well as a monthly fee. As stated above, you do not take care of your own maintenance in a rental but the downside to this is that someone is entering your residence.
When is buying a better option?
Do you have a stable job that gives you a sufficient income and plan on being in the area for years to come? Do you have enough money saved up for a down payment, closing costs and other fees? If so, purchasing a new home is for you! Plus, right now, interest rates are at a record low!
Why buy a new home?
There are so many reasons why you should buy a new home if you financially can. When you buy a home, you are building equity. Mortgage interest is also tax deductible; check with your tax advisor for more information. Making the decision to buy a new home versus a used home can also make a difference. If you buy a new home, form Home Creations of course, everything is new! No one has lived in your home. If you buy a used home, you still have the freedom to redo the floors, paint walls, change out light fixtures or anything else you want to do to the home.
Downside to owning a home
Well we would say nothing but let’s be realistic. We know owning a home has its downfalls. For instance, you will be in charge of your own maintenance, repairs, yard work and general upkeep. Owning a home is also a big financial decision. Besides paying the mortgage, you may have to undertake other fees such as homeowners’ association dues, insurance fees and property taxes.
Have you decided to purchase a home? If so, Home Creations has several new homes that are move-in ready. You can also choose to build your new home. Call Holly at 405.364.9999 to learn more.
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