There are many benefits to buying a home instead of renting. For starters, you don't have the same worries that come along with being in an apartment or condo, where there are concerns associated with living in a unit that is connected to other units. The possibility of a fire or flooding due to plumbing issues is something to keep in mind. A single-family residence significantly reduces those risks.
You won’t have much flexibility with renovations or upgrades while renting. Any changes you wish to make must be approved by the landlord or apartment complex manager. If you own your home, you are free to make any changes you’d like, as long as the city where you live approves them.
You also get more living space than what you would be able to afford while paying rent and buying can allow for tax deductions depending on where you live! A house will also give you much more outdoor space to enjoy with family or pets. It’s a bit more time consuming to maintain but overall, much more enjoyable to have.
Storage is another important aspect to keep in mind. Renting generally won’t give you much space for storage unless you are renting a single-family home. Apartment complexes will sometimes give you the option to rent storage space, which is an additional expense. Buying a home with a basement and/or garage is the better way to go.
Renting long term is not something we recommend. You will be paying a significant amount of money monthly, for something that you will never own, or build equity in. Renting is a great option for short-term relocation or while “trying out” a new place to live but buying will definitely give you more for your money.
Down payment and closing costs are two major expenses that you will have while buying a new home. These can also be the most expensive parts. RealtyOffer™ has a few tips to help save you money.
Working with a RealtyOffer™ agent who will contribute part of their commission toward your closing costs is a great way to save. You get a licensed professional agent who will guide and advocate for you, while also saving money. Their commission contribution means less money that YOU need to bring to the closing table.
Asking your lender if there are any home buyer grants available is another thing to keep in mind. Lenders also sometimes offer home buyer education classes that can save you hundreds, for just an hour or two of your time. Depending on the area where your home is located, there may be home buyer incentives offered as well. Be sure to ask your lender to disclose any opportunities to help you save!
Our customer specialists are always available via phone, text, or email to help answer any questions. We can also help align you with one of our preferred lenders, who will guide you throughout the process.
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