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1110 Tuscarawas Avenue NW, New Philadelphia, Ohio 44663
There truly are pros and cons to both buying and renting. Owning your own home can be a very rewarding experience and an important milestone in a person’s life. However, renting a home or an apartment can be the right choice under the right circumstances. Whether you want to buy or rent your home, McInturf Realty can help.
1) Renting offers flexibility. You aren’t tied to the area until you can sell your home. Should you need to move suddenly, you have much greater flexibility with renting than with owning a home. Depending on what you think your future may look like, this is a factor of renting to consider, and one that may appeal to you.
2) Renting offers peace of mind. There can be a lot of peace of mind in renting because you don’t have to worry about what to do if the roof starts leaking or the water heater breaks. This is the landlord’s responsibility, and that can be a very serious perk for people who do not have a lot of time or money to take care of these repairs on their own. The money and time that upkeep on a home can take should not be overlooked as one of the points in favor of renting a home.
3) Renting a home can sometimes save you money within the first several years because you don’t have the cost of a down payment and property taxes. Furthermore, considering you are usually paying heavily on the interest on your home loan in the early stages of that loan (the first 5-10 years), you aren’t seeing the same pay-offs in the early stages of home ownership the way you do several years into this kind of investment. This means that if you choose to rent a home, you pocket the money that would have gone into a down payment on a home as well as the initial costs of purchasing a home and any home repairs you may have. You can, in turn, save the money you would have spent on these initial costs for when you are more ready to purchase a home, or you can choose to invest that savings elsewhere. This is especially true if you move a lot or are not planning on living in Tuscarawas County long-term.
Buying a house is not necessarily an investment for everyone, and there are instances in which it makes more sense to rent a home instead of own one.
1) Home-ownership can be a serious investment. The equity you build in your home as time goes by will usually off-set the initial costs of purchasing and up-keeping a home. Home owners usually receive a tax-deduction, which also helps off-set the costs of owning a home and means a greater pay-off for home owners in the end. This is especially the case for those who own their home for 5 years or more. Whether you choose to sell that home later on or keep it, home-ownership means profit. Selling a house that is fully owned can mean instant profit, or an upgrade to a nicer home. Owning a home outright can mean peace of mind later in life when you are ready to retire. It also means having a house and land that can be passed on to your children. The benefits of purchasing your own home can easily translate into financial security down the road.
2) There is great stability in owning your own home. You are pretty much guaranteed that you can stay there as long as you like. With renting, the owner of that property has the option of renting to someone else or moving into the house themselves if they so choose, leaving you with no choice but to move, possibly before you are ready to do so. Home ownership gives a greater level of control over your housing arrangements than renting does, and that can be a very big benefit.
3) Home owners have the option to make improvements as they see fit. They can change the color of the walls, add new siding, change the carpet or add new hard-wood floors. Home owners can hang up as many pictures on their walls as they like, or take the wall out completely, if they choose to do so (just make sure it’s not a load-bearing wall!!). The sky is the limit when you own your own home, and being able to make these kinds of changes at-will is a perk that renting can’t offer.
4) Neighborhoods with higher percentages of home owners are stronger communities. In recent studies, home owners reported a higher quality of life, higher self-esteem and a greater feeling of control over their lives. Home owners are 28% more likely to vote, 11% more likely to know who represents them in Congress and 28% more likely to improve their homes. The average homeowner’s net worth is 34 times that of the average renter and homeowners are almost 3 times more likely to own a business than a renter. Furthermore, children who live in owned homes are more likely to succeed more readily in school. High school graduation rates are 25% higher for children whose families own their own homes. Their college graduation rates are 116% higher. All of this is evidence of the benefits of home ownership, both for the home owner, their children and the community in which they live.
5) The emotional benefits of home-ownership. For many people, owning a home is a life-goal. It is something they have dreamed about for a long time. It can also be a milestone in their life that they look forward to achieving. There is a lot of pride in owning your own house and piece of land, and knowing that you belong to a place is a very gratifying feeling that renting can’t give.
1) Are you planning to move within the next several years? If so, renting may be the more appealing option for you. You can save up money that would have been spent on the initial costs of purchasing a home and use these funds down the road to invest in a home when you are ready to settle more permanently into a particular area.
2) Do you have the money saved up that you need for a down payment on a home? In addition, do you have the funds saved for household emergencies, such as that broken water heater or a leaky pipe? Owning a home takes an initial investment of funds to be able to pull off. If you are not at a place in life where you are ready to commit these kinds of funds, home ownership is something that you can be working toward as a future goal.
3) What does the local market look like right now for buying or selling a home? What might it look like in the next year or two, if that is a more realistic time frame for you to buy a home? The housing climate is a reality that all responsible potential home buyers should consider, and something that our company’s agents are very knowledgeable about. Whether you are considering buying a home soon or some time down the road, a visit with an agent at McInturf Realty can help you better understand the goals you need to set in order to make home ownership a reality.
4) Do you want to own your own home? Does this idea appeal to you? Is it something you have always wanted, something you have been waiting for? Home ownership is a strong pull for the average individual. For many people, there comes a point in life where they are simply ready to call a place their own, and they are ready to make the jump to becoming a home-owner.
Whether you are considering buying or renting a home, McInturf Realty can help you reach your goals. Give us a call at 330-364-6648 and we’ll help you make those goals a reality.
1110 Tuscarawas Avenue NW
New Philadelphia, Ohio 44663
Phone: (330) 364-6648
Fax: (330) 364-2355