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Renting or Homeownership? Which is Right for You?

Homeownership is something to be proud of. When you achieve the American Dream of homeownership, you get more than a house - you get a home to call your own.

mobile homeowners

When the Benefits of Renting Diminish

Before buying your first home, renting is often the right fit. Renting an apartment or home instead of buying a home can give you benefits like:

  • More mobility
  • Lower maintenance costs
  • Availability of community resources
  • Possibility to save for a future home deposit

However, renting is often not the most affordable option available to you. Renting often means disadvantages like:

  • Rent hikes at the landlord's liberty
  • A lack of privacy
  • More noise
  • More pet restrictions
  • Potential unexpected fees
  • Inability to paint and customize your space

You're also unable to build equity in an apartment and unable to create more parking or living space if you need it. You live at the mercy of your landlord's time if they want to pay a visit or maintain their property.

So if you're ready to take back your time, money, space and freedom, then you're ready for homeownership.

Benefits of Homeownership

When you choose to start your home buying journey and start looking for your dream home, you get many exciting opportunities.

painting a manufactured home

Instead of being limited to someone else's preferences, you get the freedom of choice to personalize and customize your home. You can make your home more energy efficient, choose your favorite colors and materials and get a floor plan that fits your family's lifestyle.

You also get:

  • More privacy
  • Outdoor space to call your own
  • Potential tax deductions for your mortgage and property
  • The opportunity for a fixed rate mortgage resulting in fixed monthly payments

Being Prepared For Homeownership

After buying a home, you will have added expenses for things like homeowners insurance and maintenance, but being able to do essentially whatever you want with your property is one of the best things about homeownership.

As you begin your home buying journey, you'll be able to ask yourself key questions about what design features and other home attributes you're looking for. You'll also be able to take on exciting new responsibilities that let you enjoy your home for a lifetime.

preparing to own a home

The delight of homeownership comes with the joy of no longer waiting on your landlord or maintenance guy to fix problems that arise. As a homeowner, you get to maintain your home on your timeline.

You don't have to report issues to someone else or worry that your landlord will find little nail holes in the wall. You get the freedom to maintain your home the way you want on your own schedule.

Of course, to keep your home in great shape for you and your family to enjoy for a lifetime, that means creating a regular cleaning and maintenance schedule, but you have the freedom to make it work for you. Homeownership is exciting and freeing, and that's why HomeFirst is ready to come alongside you so you can rest assured that the home of your dreams is ready for life's unexpected.

 

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