There are many different aspects at play when opting for buying a home or renting that make you stop and think… what is the most suitable choice for my family? While there are significant pros and cons to both buying and renting, one should recognize the benefits of buying a new home and why it’s something you won’t regret. Keep reading to explore 5 key reasons why you should buy new. 1. Personalize Your Dream Home a. When you buy a new home, you can personalize every aspect of the home exactly how you imagine it. Whether it’s new paint color, new flooring, your dream kitchen, or a new layout altogether, the opportunities are limitless. You’re able to select from hundreds of choices to create something that is uniquely yours! It is a one-of-a-kind opportunity to have that dream home that is perfect for you and your family, with all the personalized finishes that fit your style. 2. Your Finances Won’t Suffer – Do the Math a. Build your wealth rather than your landlord’s! Once you purchase a home, you’re able to save money with tax breaks from the IRS including a decrease to your taxable income. Common claim deductions include mortgage interest, property taxes, and private mortgage insurance (PMI). b. Want to build equity over time? Your home will appreciate as time goes on, deciding to buy a home is a smart one when it comes to your finances. We understand that buying a new home is a major decision, but in the long run, owning a home provides you with a larger ROI that renters do not get to fully experience. c. Lock in your monthly payment! Say goodbye to monthly rent that will continue to go up as the years go by. When buying a home, you get to decide which mortgage is the best fit for you and the most common types are fixed, so you don’t have to worry about these costs rising in the future. Having stable payments will give you the security you yearn for when owning a home. 3. Your Credit Will Be on The Rise a. Homeownership grants you the opportunity to improve your average length of credit accounts which can also serve to be helpful for you in the future. A 15 to 30-year mortgage on your credit history allows you to build your credit by ensuring you’re making mortgage payments on time and validating you are a reliable homeowner. 4. Location, Location, Location! a. Deciding to own a home is not something that should be taken lightly. One of the most important aspects of buying a home includes the location. Is it close to where you work? If you have children, are there schools nearby? Is it a growing area? These are all questions to consider if you are choosing to buy a home. Luckily for you, purchasing a home gives you more options on where exactly you’d like to live. There are only so many apartments or condos that are available for rent in your desired location. With an option like Build On Your Lot, you’re able to build the home you’ve always wanted where you’ve always wanted. 5. Experience Privacy and Belonging a. Finally, you no longer have to share a wall with your neighbors and can avoid the awkward conversation of telling them to “quiet down”. With owning a home, you can rest assured knowing that you have a place to yourself to call home. b. Privacy is an important benefit of homeownership, but so is community. Living inside a community, you can feel a sense of belonging and satisfaction from where you laid down your roots. Whether it’s backyard barbecues with the neighbors or volunteering within the community, you can build relationships with those who are on the same page as you are - homeowners that live within the same neighborhood. Although we’ve only touched on a few benefits of homeownership, we have no doubt there are many others that you’ll discover for yourself when you get the keys to your new home. We hope that by taking into consideration the above points, you’re able to see why buying new might be the perfect fit for you and your family.