When it comes to finding a place to call home in Staten Island, NY, you have the choice of buying a new home, leasing, or renting. Each option has its own set of advantages and disadvantages, and it's essential to carefully consider your lifestyle, financial situation, and long-term goals to determine which option is best for you. Master Built Homes and our team of custom home builders are excited to help you decide which path is best for you! Read our blog comparing all three options down below and view our completed properties now!
Comparing Buying a New Home to Leasing or Renting
Comparing Buying a New Home to Leasing or Renting
Buying a New Home
One of the biggest advantages of buying a new property from custom home builders is that it can be a long-term investment. As you make mortgage payments over time, you build equity in the property, which can potentially result in a significant return on investment when you decide to sell. If you build your own house or buy an existing property, you also have more control over the design, layout, and upgrades. Providing stability and roots, buying helps you establish yourself in a community and build a sense of belonging.
In contrast, buying a new home is a long-term commitment and typically requires a significant upfront cost, including the down payment, closing costs, and other fees. This can be a barrier to entry for some buyers, especially first-time homebuyers. It’s also important to remember that as a homeowner, you are responsible for the maintenance and repairs of the property; this can be time-consuming and costly, especially for unexpected repairs or emergencies.
Leasing a Home
Leasing a property typically requires a lower upfront cost compared to buying a new home from custom home builders. You may only need to pay a security deposit and a few months' rent as initial costs. This option also provides more flexibility in terms of moving or changing your living situation; this is because it's easier to terminate a lease and move to a new location if your circumstances change. As a tenant, you are also not responsible for the maintenance and repairs of the property — the landlord is.
However, our new home builders will tell you that unlike buying a home, leasing a property does not allow you to build equity or invest in a long-term asset. You are essentially paying rent without building ownership of the property. You also have limited control over the property, including restrictions on customization or modifications, and may encounter potential rent increases.
Renting a Home
Renting a home provides flexibility in terms of the duration of the lease; you can choose to rent on a short-term or long-term basis, depending on your needs. This flexibility is especially beneficial for those who have uncertain jobs or life situations and may need to move frequently. Similar to people who lease homes, renters are not responsible for major repairs or maintenance, have lower upfront costs, and do not have to pay property taxes or homeowner's insurance.
That being said, renters have limited control over the property they are renting. They may need permission from the landlord to make changes or customize the property, such as painting or renovating. These individuals are subject to potential rent increases at the end of each lease term, depending on the rental market and the terms of the lease agreement. Rent payments are also essentially "dead money" as they do not build equity.
Make the right choice for your living situation! Browse our Master Built Homes completed properties and learn more about the benefits of building your own house!