The buy vs. rent debate certainly isn’t new but it’s safe to say each has its benefits. For most, the decision will primarily depend on their current life stage and future goals. Yet, there’s a case to be made for buying a home rather than renting. With that in mind, we’re sharing three benefits of buying a home vs. renting. Check them out below!
1. You Can Make It Your Own
One of the biggest disadvantages of renting a home or apartment is that you can’t customize it to suit your preferences. Dislike your kitchen or have a bathroom in need of an update? It’s not a problem when you own your home. There’s much more flexibility in style and design when you buy vs. rent a home. Whether keeping it simple with a fresh coat of paint or planning a total overhaul of your space, you’re in complete control.
2. Mortgage Costs Stay the Same While Rent Increases
The financial stability provided by buying a home is one of the most appealing aspects of the buy vs. rent debate. While there are different types of mortgages, a fixed-rate mortgage means your mortgage payment can never change. In contrast, renters can typically expect to see a rent increase annually unless they live in a rent-controlled building. In terms of other expenses, both buyers and renters have insurance payments while only buyers pay property taxes. However, buyers have the advantage since property taxes are tax-deductible.
3. Take Advantage of Low Interest Rates and Prices
If you’ve been following along with the housing market, then you know that interest rates are at historic lows. At the beginning of January, mortgage interest rates were as low as 3.81%. A low interest rate combined with the affordability of many homes on the market makes it an ideal time to invest in a new home.
Speaking of low interest rates and affordable home prices…
Triple Crown Homes has a wide variety of homes and homesites available at Citra Highlands in Citra, Florida. Lots in the community range from just under 1/4 acre to over 1/2 acres. Triple Crown Homes currently offers two great floor plans in the Citra Highlands community: The Oak and the Pine. We also offer customizable floor plans, so finding a home in Citra Highlands that suits your preferences is a breeze! The best part? All homes in Citra Highlands qualify for USDA loans, which require less money out of pocket. Qualified buyers may even be able to purchase a home for as little as $500 down!
Interested in learning more about our available homes or living in Citra Highlands? Get in touch with our team for more information. We can’t wait to hear from you!