As we build careers, save money, and start families, many of us choose to buy a home vs. rent. Consider the following 5 advantages of buying a home:
Build Equity Over Time
Unlike renters, homeowners build equity over time, providing a nest egg for the future. On most mortgages, a portion of your monthly payment goes toward the interest of the loan. The remainder pays down the principal. Every dollar you put towards your loan’s principal represents a dollar of equity, meaning actual ownership of the property. Once you reach 20% equity, or 80% LTV (loan-to-value), you can tap into that equity through a home equity loan or you can refinance your mortgage to secure a lower interest rate or longer repayment window.
Benefit from Tax Savings
Homeowners benefit from tax savings not available to renters. If you itemize your federal income taxes, you can deduct your property taxes and the interest paid on your mortgage, reducing your overall income tax burden (often significantly). Be sure to consult your tax advisor for details.
Expect a Fixed Monthly Payment
Renters continue to experience increases in rental rates. Rates rose sharply throughout 2016 and will continue to rise in 2017 due to the ongoing low supply and high demand of rental units. This means that renters can expect fluctuations and larger rent payments. Purchasing a home at Creekside means a predictable and fixed monthly payment!
Gain More Creative Freedom
As a homeowner, you can decorate, indulge in DIY projects, and make home improvements to your heart’s content, so long as you’re not breaking local building codes or violating HOA guidelines. You’re free to paint walls, hang that chandelier over your bed, or build a patio or deck. The ability to do these things are generally not available to renters. Even better, get a little taste of the custom home building experience when you purchase at Creekside. We’re building to your specifications, so you get to pick things like cabinets, counter tops, flooring, and light fixtures.
Feel a Sense of Belonging & Community
As a homeowner, you’re more likely to stay in your home longer than you would if you were renting. There’s pride in home ownership, which also closely ties you to your community, meaning you’re more likely to put down roots in your community. Many homeowners will join a local neighborhood association, participate in block parties, or in the case of Creekside, choose to sit on the board of the community’s Homeowner Association.
There’s never been a better time to purchase a home at Creekside at Llanerch! Stop in for a tour today or contact Kim at 484-320-3055 or kim@creeksideatllanerch to schedule an appointment.