At a certain point, most people have to weigh the pros and cons of renting vs. buying a home. While renting does have its advantages — fewer responsibilities and more flexibility, to name a couple — there are distinct benefits to buying a new home that renting simply can’t offer. For current home buyers, the top three priorities include privacy, family needs, and asset accumulation. Below, we’ll take a closer look at how owning new homes can help buyers accomplish these goals.
- You can make the space your own
When you look at houses for sale instead of ones to rent, you’ll have way more options to customize the space to fit your style and needs. When you rent an apartment or house, you’ll be lucky if your landlord lets you paint the walls or make even small layout renovations. But once buyers move into their new homes, they can do virtually whatever they want. If you want to knock down a non-load-bearing wall or gut the kitchen or guest bath, you’re well within your rights to do so. And if you’d rather switch out carpeting for hardwood or go wild with backyard landscaping, no one’s going to stop you. You’ll be free to put your own stamp on your real estate with home ownership.
- You’ll have more privacy
When you live in an apartment building or rented condo, you’re bound to feel a little too close to your neighbors. Whether you’re looking for absolute peace and quiet or you just want a little space between you and whoever lives next door, new houses can provide the privacy you desire. And because you’re not beholden to your landlord or property manager, you won’t have to worry about them inconveniencing you to conduct repairs or a potential tenant tour. If you do need repairs, you can schedule them on your own timetable. And because you’ll own the property, no one can bother you if you don’t want them to.
- You can build wealth
Depending on the condition of the home you purchase or the area in which you live, it’s entirely possible to fix up a home and potentially turn a profit if you decide to sell. Making an investment in real estate is almost always a good idea, and home ownership allows you to build equity. Renting, in contrast, does not. It’s also a lot more cost-effective over time. The money that you spend on your mortgage or on the purchase price goes toward an asset; when you pay your rent every month, there’s no long term payoff. Even new houses give you the opportunity to build equity and get a potentially great ROI. The same cannot be said for rental properties.
- You’ll have stability
Renters tend to move often. Due to the nature of a lease, that flexibility doesn’t typically allow you to put down roots. For some, that works just fine. But if you’re looking to settle down with a family or simply want to stay put for a while, you should look at houses for sale in your area. Owning a home allows you to truly be a part of a community. For many folks, that sense of belonging is priceless. If you’re tired of moving from place to place, you may be happier if you can find a property you really love and can see yourself in for years to come.
Owning a home can allow you to save money while making a great investment and customize your private living space for the foreseeable future. To learn more about the new homes available in the Philadelphia, Upper Darby, and Drexel Hill area, contact Creekside at Llanerch today.