Most of us dream about buying the ideal home. There’s something satisfying about having a home with which you can do what you want. Paint? No problem. Make improvements? Go for it. But people can get caught up in the belief that it’s just better to rent than be “saddled” with a mortgage. But, owning a home can be better than renting. Hartz Homes gives you 7 reasons why…
1) In the long run, your monthly payments can be less than what you’d pay in monthly rent
You may find that your new loan payment is less than what you’d pay in rent. But, even if it is higher initially, typically over the life of the loan, you’ll spend less when you buy. The rental market can be fickle, and you never know when your rent will go up. Tax benefits come with owning, too, so mortgage payments could be less than rent sooner than you’d think.
2) Monthly mortgage payments are like putting money into a savings account
When you pay your monthly payments, you’re paying down your mortgage and increasing your equity, with the interest you put in the home. It’s the part you really own. The current market value of the home, less what you owe equals the home equity. Values typically go up over time, so over time wealth is created.
3) Buying a home comes with significant tax benefits
Deductions for mortgage interest on your federal income taxes is enough of a reason for many people to buy instead of rent. When you take into account the tax deductions, you’re actually paying less for your home.
4) When you buy, you enjoy the freedom to make changes if you want
When you rent, you can’t make any changes to the property unless the landlord says you can. You can make improvements, redecorate, remodel if you want because you’re the one with final say.
5) Buying your home is a great opportunity to improve your credit rating
You can improve your credit rating if you make mortgage payments on time.
6) It feels good to put down roots in a neighborhood
It’s more satisfying when you buy and know you’re there for a good long while. You become a true member of the community and can get to know your neighbors.
7) Owning offers the security of stability
When you rent, you’re regularly facing the reality that the owners can and do raise the rent. A fixed-rate home loan, on the other home, gives you pay the same monthly payment for the life of the loan.
Please check out these new home communities from Hartz Homes:
Armitage Pointe of Addison, Illinois (Chicago area new home construction)
Bella Vista Townhomes of Bolingbrook, Illinois (Chicago area new home construction)
Blue Bell Ridge of Bolingbrook, Illinois (Chicago area new construction)
Lago Vista of Lockport, Illinois (Chicago area new home construction)
Leigh Creek of New Lenox, Illinois (Chicago area new home construction)
Marquis Pointe of Montgomery, Illinois (Chicago area new home construction)
Nantucket Lakes of New Lenox, Illinois (Chicago area new home construction)
Park West of Manteno, Illinois (Chicago area new home construction)
Playa Vista of Plainfield, Illinois (Chicago area new home construction)
Shannon Estates of New Lenox, Illinois (Chicago area new home construction)
Sky Harbor of New Lenox, Illinois (Chicago area new home construction)
Whisper Creek of Mokena, Illinois (Chicago area new home construction)
Hartz Homes has new home communities in:
Addison, Illinois (Chicago area new home construction)
Aurora, Illinois (Chicago area new home construction)
Bolingbrook, Illinois (Chicago area new home construction)
Lockport, Illinois (Chicago area new home construction)
New Lenox (Chicago area new home construction)
Manteno, Illinois (Chicago area new home construction)
Mokena, Illinois (Chicago area new home construction)
Plainfield, Illinois (Chicago area new home construction)