Are you on the fence about buying vs. renting this year? There’s a different case for everyone, but 2019 just might be the year to pull the trigger and buy your first home—or upgrade to a larger home. Read on to learn why buying a house can be the better option versus renting.
When you own your own home, you have the freedom to do as you please with each space. Paint the kid’s room with Knockout Orange and the kitchen with Show Stopper Red from our partners at Sherwin-Williams. Tear down the wall between the kitchen and dining room to create a spacious, open floor plan. Upgrade your carpeted floors to hardwood and install a ceiling fan in the bedroom, all without having to seek permission from the landlord.
Buying a house can be an investment worth more than buying stocks. When you invest in stock, you have to pay taxes on the money gained. When you own a home, not only are you exempt from paying taxes if you sell, but you get the appreciation from the entire home’s value rather than just your down payment.
Rent Rises, Mortgages Remain the Same
Unless a renter is in a rent-controlled unit, they can face hikes in monthly rent. If you get a fixed-rate mortgage on a home purchase, your payment can never change. Since this is the majority of a housing payment, this creates a lot of stability within your budget. Owners have property taxes while renters do not, and though it can rise as the home appreciates, that fee is tax deductible.
A portion of a mortgage payment goes to paying the loan down each month, which gives the owner more equity in their home. The loan pay-down is required, but think of it as the owner being required to invest in their own home—like forced savings that benefits the owner. On the renters’ side, they are forced to hand over a portion of their paycheck to the landlord month over month—which they’ll never get back.
So, is 2019 going to be the year you invest in your forever home? Contact a Trinity Homes sales associate today to get started on buying a house that is move-in ready or building and customizing your very own dream house.