Rent versus Own: Answering the critical questions

by Shea Homes Arizona on April 24, 2014

Have you ever wondered what the real differences are between renting and owning a home?  The average Americans’ motivations range from the financial perks of home ownership, to a desire for a stable community, to the hope of creating a unique atmosphere for their family.

Not exactly sure what those financial benefits are? Take a look below:

1)      Home owners build their own equity, not their landlord’s. When you make a rent payment, you put real-estate equity in your landlord’s pocket. However, when you make a mortgage payment, builds equity for you as well as financial stability and longevity, meaning you get to reap the benefits someday if you decide to move.

2)     Home owners with a Fixed Rate Mortgage pay the same amount per month for their home. As a renter, you and your landlord make short term lease agreements that often result in increased cost of rent when it comes time for renewal.

3)     Home owners get an income tax deduction for the amount paid towards property taxes and interest. When you rent, you still help pay for interest and property taxes, but your landlord gets the tax break, not you.

4)     Home owners tend to have approximately 30 times more in net worth than renters. Take a look below at the findings from a 2012 study conducted by the Federal Reserve. That’s a huge difference!

1 Source: VIP Forum, Federal Reserve Board

5)     Shea Homeowners can help protect valuable energy resources with Shea Homes’ energy efficient construction, instead of potentially wasting lots of energy on the less efficient constructions and appliances in many apartments and older homes.  With expertly insulated exterior walls, dual-paned windows, energy efficient appliances and water heaters, and energy saving air conditioning and heating systems, every Shea Home is built to use energy to its fullest potential. The end result: a smaller energy bill and more money in your pocket.

More than just financial perks 

In addition to the financial benefits of home ownership, the great community atmosphere you’ll find in every Shea Homes neighborhood is a great reason to purchase a new home.  When the residents of a community own their homes, they are more likely to invest in the neighborhood relationally.  If you are looking for a stable community and a sense of belonging, then homeownership could be right for you.

Home owners also enjoy the ability to customize their living space.  Did you ever want to paint a child’s bedroom or an accent wall in the kitchen? What about installing a barbeque, or designing your own landscaping?  Often times when you rent there are restrictions about what changes you can make to your home or apartment.  However, when you are the owner your only limit is your own imagination!  You can create your own dream living space.

Want to explore the communities and home plans Shea Homes Arizona has to offer in the Valley of the Sun? Check out this summary of our current communities!

You can always call, toll-free 866-OWN-SHEA (696-7432) or visit Shea Homes Arizona online today to explore our communities in the Valley of the Sun!

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