Is renting a home actually cheaper than buying? While there are benefits and drawbacks on both sides, the decision to buy a home may be wiser than renting. Owning a home is an investment opportunity that you would not otherwise have if you were to rent a home, and in addition to being a way to build equity, it also offers you more freedom and customization options than renting.
The Financial Benefits of Homeownership
At first, it may be more expensive to buy than rent. But in the long-term, as you pay off your home and reap financial benefits on your taxes, you will find that buying a home is a financially wise decision.
If the thought of a 20% down payment is preventing you from considering homeownership, or perhaps you're wondering whether student loan debt prevents you from buying a home, there are different mortgage options that let you choose between loans offering different down payment and interest rates.
You Build Equity as a Homeowner
When you rent a home, you are simply paying to live in the home for a period of time. You pay the landlord for this "service" and do not have the chance to earn back any of the money.
Owning a home, however, gives you an opportunity to build equity every month as you pay off your mortgage.
Compare the Costs of Renting vs. Buying
You can use our mortgage calculator to calculate your monthly payments, which include interest rates, annual taxes, and annual insurance costs, and use this Rent Vs. Buy Calculator as a starting point. We're available to help if you would like to know details about the Virginia countryside area's appreciation rates.
Costs of Renting
• monthly rent
• renter's insurance
• pet fees, if applicable
• other fees, if applicable
• monthly rent
• renter's insurance
• pet fees, if applicable
• other fees, if applicable
Cost of Buying
• mortgage amount
• down payment
• mortgage interest
• closing costs
• property taxes
• maintenance
• utilities
• homeowner's insurance
The Other Benefits of Homeownership
Homeownership also comes with other benefits, such as privacy and flexibility with customizing your space.
In a rental home, the landlord is in charge of maintenance and may not be as quick to make repairs as you want. He or she may also impose limits to what changes you can make to the space, such as what color to paint the walls.
When you own a home, you are in control of when you make repairs, how you transform your space, and who you decide to live by, giving you much more freedom than you would have renting a home.
Own a Home in Virginia's Countryside
Ready to become a homeowner? Find your dream home in Virginia's Countryside! Want to learn more about the benefits of homeownership? We are available to talk — just call us at 703.966.9480.
