Buy Instead of Rent: Here's Why
For many people, taking the leap from renter to homeowner can be daunting—but it doesn’t have to be. There are a plethora of benefits that come with home ownership, especially when you choose Colina Homes and our seamless, affordable, and enjoyable buying process from start to finish.
Buying your own home is a huge decision—and includes quite a bit of research, paperwork, preparation, and serious commitment—so it’s not surprising that many of us choose to keep renting. But the benefits of home ownership far outweigh the benefits of renting. Not only will you finally have complete creative control to spruce up your space, but you’ll actually be saving money in the long run.
That’s right—in 42 out of the 50 states, it’s actually less expensive to buy instead of rent. And according to a recent Zillow study, homeowners in Houston spend 13.9 percent less on their monthly housing than renters do, representing one of the biggest gaps in the entire country.
So as a Houston resident, what are you waiting for? Let’s talk home-buying and why today is the perfect time to take the leap.
Raise your net worth with low mortgage rates.
From a practical perspective, owning a home just makes sense. Home ownership helps to build your wealth and raise your net worth.
While the biggest financial threat to renters is that rent prices continue to rise each year—both due to inflation and at the landlord’s discretion—as a homeowner, you don’t have to deal with anything like that.
But when you decide to become a homeowner, you can opt-in to a fixed-rate mortgage, which essentially means that your monthly mortgage payments will stay the same even during periods of inflation. These payments allow you to invest in your home—and yourself. Whereas a rental payment goes directly to your landlord, most of your monthly mortgage payments will build equity.
And in 2020, with mortgage rates declining toward all-time record lows, now is a strategic time to think about finally making the change from renting to owning.
The way we live is changing—and your space should, too.
Even with the pandemic, many Texas residents are in the midst of moving and searching for new places to call home.
As we’ve spent much of the last five months locked at home, our needs and ways of life have shifted dramatically. Many of us are searching for more space in a house that an apartment just can’t offer—especially if we’ll be working at home for the next several months to come.
With gyms, offices, and entertainment centers temporarily closed down for the foreseeable future, many people are now looking for a home with the space and amenities to fulfill these activities as much as possible while still staying safe.
Others are looking for more room for a home office, a backyard for the kids and pets to run around in, a clubhouse to supplement weekend outings, a private pool for hot days, or even just green space for outdoor activities, such as soccer fields and nature trails.
Colina communities offer a wide array of amenities to help ease the challenge of staying home. Some of our communities, such as Balmoral, include a clubhouse and two-acre lagoon. Others, such as Sierra Vista, have neighborhood trails and walking paths that are yours to enjoy.
Find your community.
When you’re renting, there is usually an influx of tenants moving in and out every few months, limiting the strong sense of community that comes with owning a home.
Because buying a home is generally a long-term investment, you’ll have more opportunities to stay actively involved in your community and build lasting, meaningful relationships with your neighbors. And if you live in a Colina community with shared amenities, meeting like-minded people is simple—all you have to do is take a walk down to the neighborhood clubhouse, bring your kids to your community pool, or invite your neighbors to a socially-distanced neighborhood barbecue!
Many of our communities are equipped with state-of-the-art amenities designed to complement this strong sense of community, including biking and walking trails, resort-style pools, fully-equipped fitness centers, and much more.
It’s all yours.
When you get the keys to your new home, it is officially yours to do whatever you want with. While renting often comes with restrictions in regard to the kind of improvements you can make to your space or permission to carry out certain projects, owning a home gives you complete creative control!
Plus, if you end up deciding to move in the future, your home improvements may increase the value of your property!
Privacy in your home is also a huge benefit to owning a home. If you’ve been a long-time renter, then you’re probably more than accustomed to the frustrations that can arise, thanks to thin walls, disruptive neighbors, or just a noisy rental building. But when you own a home, the space between your neighbors makes for a lot less noise—and you’re the only person who has a say in who comes and goes.
Take pride in your new home.
Perhaps the greatest benefit of all when it comes to home ownership is that priceless feeling of pride and accomplishment.
Not only is buying your first home a huge milestone in your life, your new home will also become a special place for you and your family to make lifelong memories and create a space that’s uniquely yours. And let’s be honest: it feels great to walk in and know that it’s your home.
If you’re interested in taking the leap towards buying a new home and getting one step closer to owning the perfect space, take our “buy a home” quiz and we’ll get you in touch with a real estate agent to help start the process.
