Buy vs. Rent

Renting has advantages for most people at some point in their lives. This is especially true when you are starting out on your own as a young, single adult. Renting an apartment involves no responsibility for repairs, maintenance, and other aspects of a home. Rental complexes may also provide many of the recreational facilities you would like, such as a swimming pool and tennis court.

But at some point, homeownership becomes the right choice. In the case of a Rocklyn community, you are buying a new home that comes with the Rocklyn Warranty. In addition, most of the Rocklyn communities have the amenities you are looking for, such as swim and tennis facilities.

Some of the more common considerations when choosing to buy a home are listed below:

Buy

Rent

Financial

The interest you pay on your mortgage is tax deductible, as is the property tax. Rent is not tax deductible.
You are building equity in your home. You could use this equity for a Home Equity Loan. You do not build any equity, thus you have no security against which to take out a loan.
Any increase in value will go in your pocket when you ultimately sell your home. There is no profit to be gained when you end your lease. You walk away. No richer. No poorer.
You can tailor your mortgage to meet your financial situation. Pick your term: 30-yr, 15-yr, ARM, Interest-only. There are many ways to make homeownership affordable. Rent cannot be customized, re-financed or interest-only. You are never locked in for more than one year.

Quality of Life

That Home Equity loan could pay for your child’s college education or allow you to make purchases for your family. Paying rent to your landlord builds his bank account, not yours.
Your home is your castle, and you can truly make it your own, and decorate however you like, from painting to carpeting to appliances. As a tenant, you are very limited with what you can do to your apartment. Remember, it’s not yours.
Your pets have a yard to play in. Your pets are often unwelcome, or have limited room to play outdoors.
You can try your hand at gardening. You can nurture your potted plants.
You could consider a basement, for storage or the kids’ play area. You are lucky to get a storage closet, for which you might have to pay extra.
You can finally park your car(s) in the garage. You are lucky if they give you an assigned parking space.

 

If you decide buying a home is the right choice for you, Rocklyn Homes looks forward to helping you find just the right house in just the right location. No matter which Rocklyn home you choose, you will enjoy the uncommon sense of space we provide, as well as a well constructed home that will offer you and your family years of enjoyment.