Are you contemplating whether to buy or rent in Passaic County? While renting seems like the easier choice, you will be surprised that buying a home may be the more affordable option with opportunities for savings over time.
If you’re planning to move to Passaic County, NJ or you’re one of the renters who want to take a leap to the other side of the fence, here are some of the benefits of buying a home versus renting.
Freedom in your own space
Homeownership gives you the freedom and control over your living space. You have the luxury to decorate or renovate to your liking without seeking permission from a landlord. You can control your living experience without worrying about breaking any rules, except perhaps those imposed by the neighborhood’s HOA. Renters don’t enjoy this benefit, as they are bound by the terms of the lease agreement. They can’t make any renovation or upgrades without the approval or consent of the landlord.
Build your own equity
More than just a place to live, a home is a valuable asset that allows you to build equity. With proper care and upkeep, a residential property generally increases in value over time.
As you pay off your mortgage, you are also building your equity, which can be used as collateral for credit lines or future loans. The equity gained from homeownership can be passed on to your children and the next generation, or give you good profit if you decide to sell.
When you rent, your rental payments go to paying the mortgage of the homeowner, and boosting their wealth. All the rental payments you pay won’t go back to your favor, neither will it grant you home ownership.
Fixed monthly payment
One of the biggest benefits of buying a home is knowing exactly how much you have to pay each month. Homeowners can opt for a fixed-rate mortgage that carries the same interest rate for the entire term of the loan. While renters have to deal with rising rental rates, a homeowner enjoys the benefit of the locked-in interest rate of a fixed-rate mortgage. You do not need to worry if the interest goes up, as your mortgage payment every month stays at the same rate, regardless of market conditions.
Pride of ownership
Buying a home is considered as one of the major milestones in a person’s life. The ability to provide dwelling that you and the family can truly call your own bestows a sense of pride. You see the tangible embodiment of your hard work and smart decision. With pride of ownership comes positive emotions such feelings of happiness, warmth, and stability. There are few things more joyful than coming home to your own sanctuary.
Putting down roots
Buying a home embraces the concept of permanency. The 15-30 year mortgage allows a homeowner to settle and be immersed in the neighborhood, which renters typically can’t enjoy. In buying a home, you will be able to put down your roots and forge long-term relationships within the community. If you have children or plan to raise kids, having a home in a community gives a feeling of permanence and stability, which are crucial in their growing up years.
Learn more about the benefits of buying a home in Passaic County and other New Jersey communities, such as Sussex County, Morris County, Essex County, and Bergen County from trusted agent, Frank DeZao. With years of experience as a lifelong Jerseyan, Frank will walk you through buying and finding your perfect home in these beautiful locations.
Get in touch with Frank DeZao by calling 201.953.9376 or leave a message here.