Renting vs. Home-ownership

renting

Written By: Mike Laquerre

Renting vs. Home-ownership

Decision time! Do you continue renting or do you purchase a new home? It’s no big secret that renting has its disadvantages. I mean, who wants to live with someone else toenail clippings, right? So why do people still consider leasing an option? There are all sorts of reasons why people do, but here are a few things to ponder if you are one of those weighing your options:

  • Rental Pricing: Rents tend to climb each and every time the lease expires. As a homeowner, you are locked into a low fixed rate that never changes, especially if interest rates head north.
  • Financing: Getting into a new home can also prove less stressful when it comes to financing. In some cases, a home buyer can secure a zero down payment. Not true when renting. In most scenarios, landlords will require first and last month’s rent, along with additional deposits that a tenant rarely gets back.
  • Closing Costs: One of the other great things about purchasing a new home is that Adams Homes contributes toward buyers’ closing costs when utilizing one of our preferred lenders. This will save a homeowner thousands.
  • Equity: As a homeowner you will build equity. Not so as a renter. You will be paying an exorbitant amount for rent, which only builds equity for the landlord. Now who’s laughing their way to the bank?
  • Changes: Over time you will want to change colors, plant new flowers. This is easy with a home you own, but much more difficult when you rent. It’s hard to invest in something you don’t have a stake in.
  • Warranties: When you invest in a new home from Adams Homes, you will have peace-of-mind that everything is new and that there are warrant-able items to support the homeowner after they have purchased, something you would not receive with a used home. It’s no fun having to replace a roof or an air-conditioning system soon after moving in. These items prove quite costly.
  • Tax Benefits: As a homeowner, you can take full advantage of tax deductions that have been put in place strictly for homeowners. As a renter, you have no tax benefits at all. But your landlord does.
  • Bottom Line: Home-ownership is worth it.

With the rising rental market, it only makes sense to look at a new home. The gains certainly outweigh the alternative.

Check out these other related articles:

“5 Reasons To STOP Renting”

“No Better Time…”

“5 Tips To Save For Your Home Down Payment”

“Why Buy New: 14 Reasons To Pass On That Used Home”


About Adams Homes:

Founded in 1991, Adams Homes is known as the premier home builder and is one of the largest privately-held home building companies in the southeast.  Adams Homes has built more than 40,000 new homes since 1991 and builds in seven states including new homes for sale in Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, and Tennessee with corporate headquarters in Gulf Breeze, Florida.

Discover all Adams Homes’ communities, model homes and homes for sale on our website, www.AdamsHomes.com.  We have new homes for sale perfect for the first-time buyer, move-up home buyer, who desires to upgrade to a more accommodating new home, and the empty nester who desires to downsize to a smaller home.

While you’re at our website, explore our mortgage calculator and obtain financing information.

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