BLOGS

Renting a home is often the quickest way to change your living situation in Oklahoma City. However, it's worth evaluating the benefits of homeownership. The chances are good that there are many perks that you haven't considered when looking for a new place to live.

In recent years, rents in the area have risen at a rapid pace. Many renters are paying more for a place to live. With interest rates at historic lows, there has never been a better time to consider new homes or purchase a residence that's already on the market.

Since the recession in 2008, homeownership has gotten a bad reputation with many people. A struggling economy and decrease in home values left many homeowners 'underwater' with their mortgages. However, the American dream to own a new home never died. Fast forward to the present day. Home prices have stabilized while rental rates are rising. In some cases, people might find that it's less expensive to own than it is to rent.

If you're weighing your options, here are a few additional reasons to consider buying a home:

Lower Your Energy Bills - As a renter, you don't have the authority to make significant changes to the house. You must settle for whatever heating, air conditioning, and other amenities the home already has installed. As an owner, you have the freedom to make whatever upgrades to the house that you want to increase energy efficiency.

Add Your Personal Touch - In most cases, renters are prohibited or limited to the changes they can make to the interior or exterior of the house. If you don't like the color of the paint or the flooring, you're forced to live with features that you don't appreciate.

Increased Savings - While it may seem unlikely, a home mortgage can help you save money. All payments get reported to the major credit agencies, which can improve your overall credit score. The higher your credit score, the better terms you receive on credit cards, auto loans, and other lines of credit.

Your Rules, Your Way - As a homeowner, you make the rules of the house. So long as you're abiding by local laws and regulations, you can host parties, have multiple pets, have overnight or house long-term guests without fear of violating the terms of your lease.

No Unexpected Rental Increases - Most landlords require a 12-month agreement lease to lock in a set rental fee. As each term ends, renters are subject to the possibility that their rent could get raised. As a homeowner, a fixed-rate loan can help lock in a set monthly payment so you can avoid sudden increases.

Tax Benefits - As a homeowner, you can reap the benefits of multiple deductions that save you money on taxes. Why not let Uncle Sam pick up some of the tabs?

There are numerous benefits of homeownership. If you're tired of playing by the landlords' rules, consider becoming a homeowner in Oklahoma City today and looking at our available homes here at Green Haven Homes. There's never been a better time to make a move!