It’s an age-old debate for house hunters everywhere. Should I rent or buy my next home?
Yes, renting does have its benefits: it’s less of an investment and renters can move whenever their lease is up without the hassle of selling a home. Although renting may seem like less of a commitment, buying a home saves you money in the long haul. A recent study by Trulia found that in each of the nation’s largest metropolitan areas, buying was cheaper than renting in each city. The research showed that in Washington DC, it was 28% cheaper to buy than rent, in the spring of 2017 and 37% cheaper in Baltimore. Luckily for our Anne Arundel County residents, Washington D.C is easily accessible from our Highmeadow Hills community in Severn, MD near Annapolis.
The cost of renting increases every time your lease renews unless you’re in a rent-controlled neighborhood. However, when buying new, homeowners can be placed on a fixed mortgage payment plan that remains the same. The fixed payments create a little stability in finances since the mortgage is the bulk of the owner’s housing payment. Buyers are more likely to save money over time when buying a home compared to renting. Kathryn Vasel from CNN Money states, ”buying a home is also an investment and can be a key component of building wealth. Every mortgage payment means you own more of your home, which you will get back when you sell it.”
Another huge benefit of buying a house is the guaranteed tax deduction homeowners receive. Buyers are allowed to deduct mortgage interest and property taxes when they file tax returns each year. The tax deductions homeowners get for mortgage interest and property taxes will enable them to save money each month in taxes, so subtract those numbers from your total monthly housing cost to get an after-tax housing cost. The math proves that buying is most likely to save you more money compared to renting.
Sturbridge Homes is offering great deals on home sites in our latest communities in Anne Arundel County. Buyers can receive $18,000 towards closing cost with the use of Sturbridge’s preferred lender when buying this move-in ready home in our new Wrightmoore community! Loaded with upgrades this home features a gourmet kitchen with dark wood cabinetry, marble kitchen countertops, and Samsung Black Stainless Steel appliances. Take the virtual tour of our Newport floor plan today and call 443-714-8284 to schedule your personal visit.
We have several quick move-in opportunities at our Wrightmoore and Highmeadow Hills community. Discover the significant savings on these move-in ready dream homes here!