If you will be buying a home for the first time, you might think that means your cost of living will rise. But depending on how you manage things, it could actually fall. Let’s look at some areas where you could potentially save money owning a home instead of renting.
Expenses You Can Save When You Own Rather Than Rent
- Storage. If you are paying monthly rent on a storage facility right now because you do not have enough space, upgrading to a place of your own may let you keep all of your stuff at home. That means you can quit paying for storage.
- Utilities. While renting, you might pay some utilities individually, while others could be bundled into your rent. Either way, you have no choice of which utilities you have to pay for. As a homeowner, you may have more options.
- Laundry. While renting, you probably are using a public laundromat, or one that is located in your apartment’s common area. Either way, you have to pay a lot to do your laundry. When you own your own home, you just have the upfront cost for the washing machine and dryer. After that, aside from the water and electric bills, you are done paying to wash your clothes.
- Food. Your food expenses may go down if you grow some of your own food. This is much easier to do when you own a home than when your rent.
- Other Loans. Making your mortgage payments on time each month may help you to raise your credit score. If so, that could reduce the cost of taking out other loans.
- Housing Payments. There are situations where you might find more affordable monthly mortgage payments than the rent you are paying now.
- Taxes. Your taxes may be a little less expensive when you own your own home since there are some tax breaks you might qualify for as a homeowner.
- Parking. Sometimes when renting, you might have to pay for parking spaces. But when you own your own home, you can park your vehicles for free.
Buy a Home in Virginia
If you are ready to move into a new home in Blacksburg or anywhere in Virginia, First Residential Mortgage is here to make it easy. Please give us a call today at (540) 838-5868 to schedule your consult. Let’s connect you with a flexible home loan.