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Why Owning Makes Sense - You Get What You Want

For those on the fence whether to own versus rent - we made it easy! See why:

DESIGN YOUR HOME

From the kitchen cabinet hardware to the bathroom sink, buying a house gives you the opportunity to personalize or renovate the house as you see fit.

In contrast, landlords expect a rental unit to be kept the same as the day you moved in.

TAX BENEFITS

Unlike renting, owning comes with a number of potential tax deductions and write-offs, including mortgage interest deduction (MID) and private mortgage insurance (PMI) deduction, among others. These deductions both lower the tax burden at filling time, and makes homeownership a cheaper option over time.

PRIVACY

Even when rental units offer a degree of privacy, you are never free from the whims of your landlord, who has the right to interrupt your life whenever they choose; such as bringing prospective buyers buy when they want. When you purchase a home, you are in full control of who enters your property.

HEALTH & SAFETY

There are a number of health dangers associated with older rental homes and apartments, including mold, asbestos, and lead paint, poor air quality, contaminated carpeting, and Chinese drywall.

New homes, by contrast, use modern materials that increase energy efficiency and lower utility bills, keeping families safe and providing peace of mind.

ENERGY & COST SAVINGS

Unlike rental properties, which are often furnished with cheap decades-old, energy-wasting fixtures, new houses often boast a number of energy efficient features. These include: high-quality insulation, double-paned, even triple-paned windows with special window coatings and inert gases between the glass layers, advanced heating, and cooling systems, and efficient lighting and kitchen appliances.

Modern products can reduce your utility bill by more than 30% in energy costs and tax breaks, leading to thousands of dollars in energy savings over time.

ENGINEERING & DESIGN

Newly constructed homes come with sophisticated wiring that's needed for high-speed electronics, communication equipment, entertainment centers, and security systems, potentially increasing your home's security and reducing electricity costs.


Owning Make Sense

RENTS CONTINUE TO RISE

Huge rental rate increases have outpaced the rate of inflation. In other words, the cost of rent went up more than the average renter's income. Because of the epidemic of foreclosures that swept the nation during the Great Recession, the market flooded with renters willing to pay landlords whatever price they name; and until the construction of new rental units catches up with that demand, rental rate increases show no sign of slowing down.

Meanwhile, it is estimated that the cost of buying a home is now 41% cheaper than before the Recession.

INFLATION ON THE RISE FOR RENTERS

Rent costs rise by roughly 4% annually! Meaning that what you pay today will be approximately 20% higher in five years, 40% higher in 10 years, and so on.

If you rent the same apartment for 25 years, in the end, you will be paying at least twice as much as you did when you first moved in. However, with a house purchase, your mortgage rate will remain about the same throughout your period of ownership.

NO EQUITY IN RENTING

Each time you make a mortgage payment, you build up equity - equity you get to keep when and if you decide to sell your home.

In contrast, between damage charges and cleaning fees, many renters actually owe money when they leave behind their rental property.

YOU'LL PAY MORE WHEN RENTING

Rent or Buy calculators (such as the New York Times one) allows you to compare projected rental rates to projected mortgage and interest rates, letting you determine how long it would take for the cost of renting a house to exceed the cost of buying it.

In most cases, it takes as little as three to five years, making homeownership less expensive over longer periods of time.

Fact vs. Fiction


FICTION: BUYING COSTS MORE OUT OF POCKET

Some lenders require as much as 20% of the home value in downpayment upfront before they agree to loan you the rest; and when potential homebuyers find that they cannot afford to pay it, many of them choose to rent instead of own.

However, there are some houses that can be purchased with a no money down option! This can help you buy the home of your dreams for nothing less than a security deposit and the first and last month's rent on an apartment.

FACT:HOMEOWNER FIXER-UPPER

Longtime renters are accustomed to the convenience of having their maintenance needs taken care of for them. Of course, when you own a home, you are responsible for taking care of your own maintenance needs --from plumbing to landscaping to heating. Fortunately with a homeowner's warranty, making home repairs is very feasible.

FICTION: MONETARY VALUE INCREASES OVER TIME

Some people feel more comfortable holding onto their money, waiting for a better opportunity to buy their home. However, it is critical to note that the value of money, in general, depreciates over time. Meaning, your money is never worth more than it is at present.

Today's housing market is a buyer's market. Where rent prices are rapidly rising, housing price increases are slowing and are still undervalued. Add to that, buying a home in the future will cost more because of rising interest rates. All of this means that home buyers can currently expect to save tens of thousands of dollars per year over their renting counterparts.

FACT: BUYING RESTRICT YOUR FREEDOM

Renting provides more freedom--you are allowed to leave as soon as your lease is up. However, buying a home comes with its own freedom and it also can become a valuable entrepreneurship opportunity where you rent out your home for profit. If you buy a home, you can move whenever you like, with no lease contract to break or wait on while continuing to collect rent.

FACT: NEW CONSTRUCTION HAS CHEAPER INSURANCE

Because of the cost of homeowners insurance, some people are afraid to purchase a home, often forgetting that even when landlords don't demand it, renters need to get insurance too--Landlord insurance policies only cover physical structure, not the tenant's belongings. And while it's true that homeowners insurance isn't always cheap, it can be up to 30% cheaper for those purchasing newly built properties.

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