Owning is Less Expensive than Renting (PERIOD).
Today, most adults in their 20s and 30s are waiting longer to buy their first home. Many want to feel more established before investing in a home.
In the meantime, youโre probably renting. Now, you can own your Jagoe Home, build equity, and save money.
Buying VS Renting
Benefits
of Home Ownership:
You can build your dream home.ย
As a renter, youโre living in someone elseโs home and subject to their rules. When you build your new Jagoe Home, you have total control over everything that goes into it and can customize your home exactly the way you want! From floorplan, to counter tops, to the garage, all aspects are uniquely built to your needs.ย A new Jagoe Home is the way to make your dreams a reality.
Owning A Home Is Cheaper Than Renting
Owning A Home Is Cheaper Than Renting
Owning a new home is MORE AFFORDABLE than renting. Although investing in a new Jagoe Home at first is more expensive than renting, it can be cheaper over time. Zillow uses a Rent vs. Buy calculator to determine the break even horizon in which buying becomes more efficient than renting. Depending on the situation, if you plan to stay in your home past this break even horizon, buying can save you money. With low fixed-rate mortgages available and rising rent costs, buying vs. renting a house can be the best fit for you.
You Save and Build Equity
You Save and Build Equity
You SAVE and build equity!ย One of the bestย benefits of home ownership is building equity, which is your share in the value of your home.ย In more technical terms, itโs the difference between the market value of your home and the amount you still owe. When you buy a new Jagoe Home, the amount of your equity steadily grows! Instead of your money disappearing in rent each month, youโll invest in your own home that will be more valuable over time.
Mortgage Costs Stay the Same As Rents Rise
Mortgage Costs Stay the Same As Rents Rise
Your mortgage payment stays the SAME as the cost of rent rises.ย With aย fixed-rate mortgage, your monthly payment does not change. Unless you are a renter in a rent-controlled building or neighborhood, your monthly rent payment can go up frequently. Since your monthly mortgage payment is stable, you can plan your overall budget with confidence. And, keep in mind the property taxes on your home are tax deductible.ย For more information about the advantages, options, and competitive rates, ย talk with our experts at FBC Mortgage.
A Home Can Appreciate In Value Over Time
A Home Can Appreciate In Value Over Time
Your home can grow in value over time. Quite simply, the land your new Jagoe Home is built on appreciates because it’s in limited supply. After all, no one is producing any more earth! And, as the population increases, so does the demand for quality homes and land, driving the price up over time. Do your research, invest in a Jagoe Home and the value should increase each year you own it. For more information, visit ourย Home Loan Learning Center.
Stronger Social Ties To Your Community
Stronger Social Ties To Your Community
Home ownership is more stable and gives you stronger social ties to your community.ย Buying a home is a big step, both personally and professionally. Researchers have found homeowners gain a sense of stability when they settle into their first home, and they also contribute to stability of their community. A study compiled by researchers with theย National Association of Realtorsย shows homeowners move less frequently than renters and stay in their homes for longer periods of time.
| BUYING A NEW HOME | RENTING A HOME OR APPARTMENT |
|---|---|
| Your monthly mortgage payments build equity. | You monthly rental payments do not build equity. |
| With a fixed-rate mortgage, your monthly payments remain the same for the life of your loan | Your monthly rental payments will typically go up over time. |
| Your mortgage interest, property taxes, and mortgage points may be tax deductible. | Your monthly rent is an expense. |
| When your home increases in value, you can realize a profit when you sell. | The property you rent does not increase in value for you. |
| Your home can be passed on to your children or other family members. | You have no ownership in property you rent. |
| The equity in your home can be borrowed against to finance education costs, home-improvement projects, and other qualifying other needs. | You have no equity in property you rent. |
