For many renters, at some point they must consider whether they are better off continuing to rent or to purchase. Buying a new home is a big step, and for many renters there are misconceptions and misinformation that is holding them back. It’s important for each individual to evaluate their own situation, but buying a home instead of continuing to rent brings a number of great benefits that should not be overlooked. We’ve listed the top 3 benefits to owning a home instead of continuing to rent.
A Home Is an Investment
Perhaps the greatest benefit and biggest reason buying or building a new home beats renting is the investment factor. Buying a home is more than just having a roof over your head, in reality it is a major investment. In general, with proper upkeep and making your mortgage payments will increase the value of your home over time. As the market recovers from the housing market collapse, we are seeing home prices beginning to rise again and in the long run, you are building equity that can help upgrade to a larger home down the road or create an asset that can be sold to fund your retirement or to leave to loved ones. Simply making rent payments is paying only for a roof over your head on a monthly basis. With renting there is no value being built and over time, as rent increases, you are simply paying more without any long-term benefit.
A Home Provides Security
This leads right into our next benefit. A home provides greater financial security. When renting, there are no guarantees regarding the amount of your rent payment. A great example is the oil boom in North Dakota. The discovery of oil flooded the small community of Dickinson, ND with people needing a place to live. That drove rent prices sky high and left many long-term residents out on the street. With a home on a fixed rate mortgage, you will have the same payment every month, year after year. Things like cost of living and the local market will not fluctuate. This provides great security that renting simply cannot offer.
A Home Provides Freedom
Owning a home allows the homeowner freedom to make changes and improvements as they see fitting. They don’t need permission to paint a room a different color or plant a garden. And, because improvements can be made as you live there, freedom goes beyond simply being able to do what you’d like, it can have real financial benefits should you ever decide to sell.
Progressive Builders Is Here For You!
Progressive Builders is dedicated to partnering with you every step of the home building process to ensure that your home plan will accommodate your lifestyle and will meet the needs of your family. We also can assist you in finding the right floor plan and constructing your home with a focus on quality, all at an outstanding value. With over 20 years of experience we’ve built a reputation across the Twin Cities metro area and beyond and are committed to continuing that level of excellence for your new home construction project. We have a number of customizable home plans to suit your needs and several lots available in neighborhoods across the Metro. We invite you to contact us today for more information.