Some Advice for the Newlyweds

McArthur Homes is being featured at the upcoming Thanksgiving Point Bridal Expo, this Saturday, January 15th from 10am-6pm. In honor of those brides-to-be, we put together the Top 5 Reasons Buying Now is Better than Renting. Here they are:

#1 It’s Yours (& No One Else’s)
The best part of owning your home vs. renting is that it is yours. With a new home you get to choose your favorite home design and then personalize it to fit your style. You’ll choose everything from flooring to fixtures. As your family grows, you can continue to style your new home to fit your needs, like painting the baby’s room any color you want! Plus, no more dealing with whatever the last tenants left behind. Your new home comes sparkling clean without any bad history, gunk in the tub or nail clippings in the carpet. Yuck!

#2 Mortgage Payments as Low as Rent
You could own a beautiful, brand new 3 bedroom, 2 bathroom McArthur Homes townhome for around $800/month P&I. That’s comparable to many cramped, old apartment rental units. Owning just makes sense!

#3 Interest Rates are Low
Over the last year we have seen some of the lowest interest rates in 50 years, creating the chance of a lifetime for young new homeowners! As of just two years ago, interest rates were up to 6.3%. Compare that to today’s low rates around 4.5% and you save nearly 20% on your monthly payment! That means by buying now you can own more home for your growing family while spending less than you will when interest rates rise again.

#4 Your Home 1s a Great Savings Account
The part of your mortgage payment that goes to principal repayment isn’t a cost. You’re just paying yourself by building equity. This creates monthly savings that really adds up. On the other hand, when you pay your rent, none of that money comes back to you. You might as well be pouring your money down that dirty drain. (Plus, you can deduct mortgage interest from your income taxes, a savings you won’t see if you are renting.)

#5 Invest in Your Future
Just like marriage is an investment in your relationship, home ownership is an investment in your financial future. Over the long term, housing increases in value, helping happy homeowners to build equity and protect themselves against inflation.

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