Why Rent When You Can Buy?
With the strong growth of new homes in Frisco TX, you might assume it’s more affordable to rent here than to buy. But that’s not necessarily the case. You might be surprised to find that owning a home is actually more beneficial than renting.
There are definite advantages to buying your own home rather than renting. Here are several ways owning a home can benefit you now and in the long run:
You can build wealth
There’s no question that renting does not help your bottom line. Rents are expensive, and all the money you pay goes into building someone else’s wealth, not yours. Would you rather help a landlord achieve financial security, or your own family?
Automatic savings
Investing in a home of your own is like putting money in the bank. Part of each payment you make adds to your financial assets in the form of equity in your home. In Frisco, home values tend to increase by 4-5% every year. The money you invest in your home will be returned to you with compound interest when you sell the home down the line.
Stable payments
Conventional mortgage payments are predictable. The payment you signed up for is what you will pay each month until the home is paid off, even if it takes you 30 years. Rents notoriously rise every year. Who knows how much you might be expected to pay several years from now!
Tax breaks
You can deduct your mortgage interest on the first $750,000 of your home’s value from your federal taxes. The Texas Homestead Exemption allows qualified homeowners to exempt $100,000 of the value of their home from school taxes. Renters don’t get these important breaks!
Intangible benefits
Owning a home also carries a sense of pride and independence that you don’t get by renting. You have the freedom to decorate as you wish, and more privacy than you can get by living in a home owned by someone else. You also have more peace of mind knowing the house won’t be sold out from under you.
New homes in Frisco TX
The fast-growing Frisco real estate market offers a wide range of new homes perfect for first-time buyers, families and downsizers. You can own a townhome in Frisco or Prosper with monthly payments that are less than renting a similar unit!
Get the best deals on a new townhome in Frisco or Prosper with a mortgage from our preferred lenders at Cinch Funding and Chase Mortgage. They can help you achieve your dreams of affordable low-maintenance home ownership! Call Landon Homes today at 469-804-5534 to tour available new homes in Frisco TX.
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