The Pros of Owning a Home vs Renting

Owning a home of one’s own has long been part of the American Dream. Yet for many people, the worries about costs and work involved have kept them from seriously looking at homes for sale in Oklahoma City. Renting sometimes feels like a safer alternative, but you may be surprised at the number of positive reasons to consider purchasing a home.

Renting has its benefits if you know you won’t be living in a city for more than a year, but if you’re not going to be moving on, renting can soon turn out to be expensive and unpredictable. Your rent may be set for a certain amount of time, but you also run the risk of your rent suddenly being raised. If you can’t afford the new cost, you’re faced with having to find somewhere new to live in a short period of time. With home ownership, you have a fixed monthly payment.

The cost of home ownership is another reason people stick with renting, because they think they can’t afford one of the homes for sale in Oklahoma City. Yet you may find that you can pay the same or less for a mortgage payment than you may be paying in monthly rent.

More importantly, you get something back when you choose to own vs rent. Instead of all of the money going to someone else, you are essentially putting money into a kind of savings account. As you pay down your mortgage, your home equity increases. If you choose to sell your home and receive more than you have left on your mortgage, you keep the difference. If you sell your home for more than you originally paid and have made a solid dent in your mortgage payments, you may find yourself with a significant amount of money. A home is often a great investment for the future.

In addition to the equity you get by owning a home, you also benefit from tax deductions. When it comes time to prepare state and federal taxes, you can deduct the mortgage interest and property taxes that you have paid that year.

Obviously, financial benefits of owning a home instead of renting are one of the biggest reasons people choose to enter the housing market. Yet there is also the major benefit of being able to have creative control over your living environment. Most renters don’t have much freedom to make many decorative changes and even less ability to make significant layout changes. When you own a home — especially if you choose to purchase a brand new home from Timbercraft — you can design and decorate to fit your tastes and needs. That freedom to express yourself is where you can truly turn a house into a home.

If you think you’re ready to make the move from renting to owning, contact Timbercraft Homes today to learn more about the benefits of a quality-built brand new home.

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