Of course, it is a big and difficult decision to make, but here we have some very simple tips to help you sort out which option, renting or purchasing, is best for you and your family.
Benefits of having your own new home
Equity – If you live in a “for rent” house, every time when you pay the rent, it goes to the owner of the house or simply your landlord. When you purchase a new home from a new home builder, every time you make a payment towards your loan or mortgage, you build equity. This means that in case if you decide to sell your house, the more money you have paid off towards your mortgage, the more money you will get to keep from the sale of your house. In case of “for rent” house, there are chances that you end up owing money to the landlord when you decide to leave the property. You might be wondering how you may end owing money to the landlord. Well, if you might have accidentally damaged or made the property dirty, the landlord will ask for damage or cleanup fees.
Stability in Price – Do you know that every year, rent costs are rising at a steady rate of approximately 5%? This means that, in the next five years, you will be paying 25% higher to rent than what you are paying now. In the next ten years, it will be 50% and it will go higher and higher. When you purchase a new home with the loan money, you can rest assured that the amount of loan repayment will remain fairly the same for the entire duration of the loan. Be it a 20 or 40 year loan, you will be paying the same amount as you are paying now. This is stability! The MSN Money offers a free calculator that will help you compare the costs of renting versus buying a new home.
Tax Benefits – In the United States, there are certain tax benefits available for owning a home. There is a myriad of home ownership tax deductions. To inspire more home ownership in the United States, the government designed these tax deductions. In case of renters, they simply do not avail any such deduction.
Control over the Looks – From the countertops in your kitchen to the paint colors on each wall, in a rental house, you have absolutely no control over its looks. You will have to put up with someone else’s (the landlord) design preferences. When you get a new home built, you can have whatever you want – and can change its looks whenever you want, it is your home! Rental homes need to be kept the way they were when you moved in – no improvements or changes allowed.
These are just a few benefits of owning a new home from Goal Construction. What’s more, you have the pride of owning a home and a place to call your own. At Goal Construction, you have the option to pick some of the best floor plans trending in Virginia. We will also help you partner with one of our preferred lenders so that the tedious financing process becomes as simple as pie. Visit our website and discover the dream of owning your own new home!