Skip to content New Home Counselors

Questions? Call or Text

(484) 626-1616

The Top Benefits of Buying Instead of Renting

The Top Benefits of Buying Instead of Renting

It’s a common question: Should you buy or rent a home? Unfortunately, there isn’t one right answer to this. A lot depends on your financial situation, home prices in your area, and a number of other factors. However, there are some solid reasons why buying is a better option than renting. Especially right now. Here are a few benefits of buying a home that might sway you to making the jump from renting to owning.

No Unexpected Rent Increase
Anyone who has rented the same place year after year knows the dreaded rent hike. While you can predict an increase in your rent, it’s hard to know how much to expect each year. When you buy a home and lock in your interest rate, your mortgage payments will remain the same throughout the life of your loan. No unpleasant surprises, no extra fees added on. Predictable payments can be lifesavers.  

Never Sacrifice Your Deposit to Paint a Room
The creative freedom of owning a home is incredible. You can paint the walls any color you want. You can replace carpeting or put in a hardwood floor. You can put up shelves, remodel the kitchen, even plant trees and build a deck. All without worrying about losing a rental deposit. You can truly make your home yours when you buy.

Don’t Forget About the Tax Benefits
Here’s another reason to own a home: You can save on taxes every year! Deduct mortgage interest and property tax on your tax return every year, which can make the monthly mortgage cost the same – or even less than – renting.  

Two Words: Home Equity
Your home equity is the amount of money you’ve paid toward your loan, including your down payment. That means you can build equity just by making payments every month! And you can use that equity to remodel your home, pay for college, or pay down debt. Just by renting instead of buying, you’re losing out on valuable equity.

OK, so Buy Instead of Rent When Possible. But Why Now?
Right now, home prices are rising while mortgage rates are staying low. Historically low, in fact. However, home prices are increasing higher than mortgage rates are decreasing. If you’re looking to buy a home now – or still in the decision phase – you might want to take advantage of this unique situation. As the economy shifts in a post-COVID-19 world, we might see house prices jump up and mortgage rates following.

Choosing to transition from renting to buying is a big step. There are a lot of long-term benefits of buying a home that aren’t available to you when renting. For future planning, building equity in a home and investing in your future – rather than paying your landlord – is a smart route to take.

  • Recent Posts
Best Summer Attractions in the Lehigh Valley

Best Summer Attractions in the Lehigh Valley

Best Summer Attractions in the Lehigh ValleySummer in the Le...
Lehigh Valley, PA: One of America’s Best Places to Live

Lehigh Valley, PA: One of America’s Best Places to Live

Lehigh Valley, PA: One of America’s Best Places to LiveThe L...
Smart Budgeting Tips for Building Your Dream Home

Smart Budgeting Tips for Building Your Dream Home

Smart Budgeting Tips for Building Your Dream HomeBuilding yo...
  • Archives

Testimonials

Meet two-time Tuskes homeowners Mary Ann and Jeff, and hear their experiences with the Tuskes Homes team and living in Sand Springs!

Positive Review for Tuskes Homes in Lehigh Valley, PA

PJ and Tiffany were able to find the exact home they envisioned that checked every mark on their wish list when they decided to build with Tuskes Homes at our Maple Shade Estates Community.

Positive Review for Tuskes Homes in Lehigh Valley, PA

When the time came for high school sweethearts Erin and Nick to buy their first house, they decided to build their dream home with us at our Northwood Farms community in Easton, Pennsylvania. From getting engaged in their home to bringing home a new 4 le…

Positive Review for Tuskes Homes in Lehigh Valley, PA

Ken and Theresa were looking to downsize after they became empty nesters, and they were thrilled to find a ranch-style home that offered single floor living and a finished basement for additional space.

Positive Review for Tuskes Homes in Lehigh Valley, PA

Questions? I'm here to help

Send me a quick message and I'll get back with you shortly!

Martha - Lehigh Valley New Home Advisors
Martha

New Home Specialist

(484) 626-1616

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.