Renting a home is something most of us are doing or have done before. One study found that 92 percent of adults use the Internet to help them find luxury real estate. There are many perks associated with buying a home you might be unaware of. Finding the right piece of luxury real estate is imperative for new buyers. Research done by Zillow shows that 48 percent of potential home buyers prefer new homes. Here are three benefits to owning versus renting luxury real estate.
Putting Money Back for a Huge Future Payout: Those who rent are paying a monthly price to continue renting a home. However, homeowners put their monthly costs down to paying off a home entirely. Someone who rents for decades will likely never own their home. However, it is common for homeowners to pay their property off within 10 or 20 years. Renters do not have luxury, in many cases, of being able to ever sell the property they live in.
No Monthly Price Hikes: Renters will sometimes live in fear of a dreaded rent increase. In homes where budgets are tight, a higher rental free could lead to a dire situation. Homeowners will pay a specified monthly mortgage rate that doesn?t randomly increase. Landlords control what tenants pay to rent a home and these prices can easily change.
More Freedom to Renovate: There are many luxury homes available with plenty of room for many future renovation ideas. Renters typically will not be allowed to undertake large renovation projects. Everything from painting walls to adding new rooms becomes available when purchasing a home. Renovations often bring lower future utility bills. One study found that 48 percent find that an energy efficient home is the most important selling point. Renters often find the lack of customization to be a drawback to renting property.
In closing, there are many benefits associated with a buying a home. Monthly mortgage payments go towards completely paying off your home. Not having to worry about a landlord raising rent is another perk of home ownership. Owning your home gives you the freedom to renovate and make changes as you please.