Top Seven Reasons Buying is Better than Renting

It’s an age-old question that’s been around since the housing market began. Which is better, renting or buying? Even with low housing markets, buying a home is still rated as being the best option for homebuyers all over the nation. The team at Enchanted Construction Services in Greenville, SC help everyday homebuyers craft and create their perfect home. Here are the top seven reasons why buying a home is still better than renting.

Homeownership is Less Expensive- You’re probably thinking, “Did I read that right?” Yes. Homeownership is far less expensive than renting. When you buy a home, your mortgage will always be substantially less expensive than monthly rent. Plus, when you choose to rent you are investing in someone else’s future, not your own.

Buying a Home Makes You Invest in Your Future- When you rent a home, you might as well be throwing your money out the window. Renting doesn’t put any money into an asset for you or your family. Homeownership allows you to create a legacy for your family that can be passed down through generations.

Owning a New Home Creates Opportunities for New Income- In the age of AirBnB and rental commuter spaces, you can use your home as a backup income-stream. The opportunities for making money off of your home investment are almost endless and take little time or effort. For example;

Rent out your home while you vacation.

Rent your driveway for commuters.

Rent storage space.

Create a second living space for rental income of your own.

Hold events.

Have yard sales.

Have bake sales.

Create a market garden

New Homes Create Credit and Equity- Owning your own home, especially with new construction, creates building blocks for your credit and equity for the future. You can use your property to prove financial responsibility and then receive better finance options and rates. Or, you can use the equity in the house to help pay for important expenses like college or retirement. Homeownership is like having a savings account that you can live in.

Homeownership is Defense Against Inflation- Markets fluctuate over time, but your mortgage payment will remain the same if you choose a fixed rate mortgage. When you rent, your landlord or leasing company can decide to change your rate at any time, and you are powerless to stop them.

Craft, Customize, and Personalize Your Home– Owning a new home or choosing new construction in the Greenville and Spartanburg area gives you the freedom to create a unique home. If you are renting, you won’t be able to add on that extra bedroom or create your favorite reading room. Having your own house gives you the ability to design a home that will perfectly suit your taste and your needs.

Get Tax Breaks– Unlike rental homes, investing in new construction for your home can help you receive all different kinds of tax breaks. You can get homeowners tax credits or tap into the energy efficient tax credits by

equipping your home with energy efficient appliances.

Buying a Home Gives You the Freedom to Live Life to the Fullest

While many people worry about changes in the market, one thing has remained the same for centuries. Homeownership has always been an excellent opportunity to create stability for your family and provide protection against unpredictable markets. If you have any further questions about buying a customized home, contact the team at Enchanted Construction Services in Spartanburg and Greenville, SC.