Purchasing a home has long been seen as the American dream. The pride of ownership and knowing that your dwelling is completely under your control is very appealing. The housing market crash of 2008 has made many renters leery about buying a home, fearing that it will be too expensive and risky. However depending upon where you purchase a home, the amount of your down payment and the interest rate you are able to obtain, purchasing a home might actually be cheaper. Here are four additional reasons you should consider buying instead of renting.
- Create your own space – Unlike renting, where you could be charged for every nail hole or floor scuff you leave after vacating the premises (and don’t even consider repainting the walls!) – when you own a home, you are in control of designing your space to suit your tastes. This means you can remodel, repaint, hang pictures, shelves and light fixtures, and you don’t have to worry about anyone saying you can’t.
- Fixed monthly payment – While your rent can go up at any time, if you have a fixed rate mortgage, your monthly payments will stay the same for the life of your loan. Additionally, if interest rates go down, you can re-finance your loan for an even lower monthly payment. In comparison, your rent will most likely never be any lower than what you paid your first month.
- Tax breaks – Another great benefit of having a mortgage is the fact that you can write your interest payments off on your annual taxes. Additionally, you could also reap tax benefits for having energy efficient products in your home.
- Home equity – Unlike rent, your home is constantly building equity as you pay down your mortgage. Every dollar paid towards the loan’s principal is a dollar of equity built in your home. When you reach 20% equity paid, you can borrow against your home for other investments or home improvements. Additionally, that equity will add to the value of your home if you decide to resell.
If you are considering purchasing a home in the community of Durango, consider The Timbers at Edgemont Highlands! We are a residential community with distinctive homes, a variety of amenities and beautiful forested surroundings. To view our available properties, visit our website today or call 970-382-3023 with any questions.