Skip to contentNew 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.

Testimonials

Kim and Tejus never had any doubts about their choice to build with Tuskes Homes. The home design they chose was perfect for their busy family and provides plenty of space for them to enjoy living at Eagles Landing.

Positive Review for Tuskes Homes in Lehigh Valley, PA

We hope you are having as much fun following this family and their home story as much as we have. Follow them to our Design Studio and get a sneak peek at their home in progress. We can't to show you the big reveal in Part III!

Positive Review for Tuskes Homes in Lehigh Valley, PA

Lehigh Valley locals Jill & Matt were looking for a home with more space for their family and we were able to deliver everything on their wish list.

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 ...

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