renting vs. owning
Making that leap from renting to owning a home can seem overwhelming. There are so many things we haven't experienced. But that's okay! We're here to guide you through each of the steps and make sure it all make sense before you sign that dotted line. Keep scrolling - we've broken it all down for you in bite-size topics.
Let's start with the biggest point: mortgage payments can be lower than rent payments for many people. If you are ready to punt that rental life and know you'll live in the home for a while, it's worth considering purchasing a home. After all, wouldn't it be fun to take that idea you saw on Tiktok on a random Tuesday and then tackle that DIY in your own home?
A few other really important reasons:
- invest in your future
With rent consistently on the rise, owning a home gives you stability. A mortgage allows you to control how much you invest each month while building equity with every payment. What happens when you rent? There is no equity built for anyone except your lucky landlord. Over time, the thousands of dollars spent on rent never come back to you. Why pay someone else’s mortgage when you can invest in yourself? Historically, a home is an asset that always increases in value helping you build your personal wealth.
- it's your space
Your Summit home is alllll yours! Renting definitely checks a lot of boxes while in college, landing that first job and establishing your life, but now it's time to think BIG. Owning a home means having space and privacy, stable monthly payments, tax benefits and the freedom to personalize your space exactly how you want. Renting offers some flexibility and less maintenance responsibility. But, that rental will never be your "home" and the money you could be investing builds every month you're renting.
- play the long game
Our Summit homes are brand new and energy efficient, saving you money over time. Not to mention the home warranty, but we'll get into that later. Plus, we aim to keep our homes attainable to help more people experience home ownership like you!
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