To rent or to buy a home? How to decide it’s time
Updated: Feb 9
Whether it’s the for sale sign on that beautiful home in Rice Village you have always admired during your morning jogs , or the friend that keeps talking about the vintage cottage she just purchased, or maybe it's the loud roommate that keeps you up at night. Nevertheless, moments like these make you question if renting is really worth it and if it's time for you to seriously consider home-ownership.
Before you continue to read this blog, the first question to ask yourself is, “can I afford to buy a home?” The second question to ask yourself is, “what return on investments can I achieve monthly from buying a home?”
But do you know buying a home and going solar can work hand in hand to help increase home value, impact the environment, and bring satisfaction to a homeowner?
Discover ten reasons why owning a home and going solar can be a significant investment:
1. You are close to owning your own home:
Every time you pay a mortgage, you are close to owning full ownership of your home. Unlike when you pay rent, that money goes into someone’s else mortgage.
2. Increase in value:
Your home will most likely increase in value over time depending on the market and how well you maintain it. It’s always delightful to realize the increase of your home value, meaning if you buy a $200,000 home this year, you could sell the same home for $300,000 down the road. When installing solar panels, your home can sell 20% faster in the market than a home without solar panels.
3. Tax advantages:
If you pay off a mortgage, you will get to count your mortgage interest as a deduction when you file your tax return. When installing solar panels, you get to receive a 26% tax credit from the federal government in 2020 for using renewable energy.
4. The freedom to renovate:
If you want to paint your walls purple, yellow or red, no landlord can stop you. If you are going to install a few solar panels on your residential home, no landlord can stop you. You can also enjoy the freedom to start saving from day one by adding solar heating, wind, solar pool heating, and solar thermal electric.
5. Your privacy, your control:
Say goodbye to that loud roommate. Owning your dream home means peace, comfort, and satisfaction. By going green, your family is in control of your carbon footprint and you have control over energy consumption, which also reduces your electric bills.
Energy monitoring allows you to track and make sure your system is performing optimally. Most solar systems come with a live monitoring app. You can book a free online consultation this moment with IntegrateSun solar experts for more information about our solar live monitoring app.
6. Growing home equity:
One of the benefits of buying a home is building equity. Equity is the difference between what you owe on your mortgage and your home’s current worth. For example, if you owe $150,000 on your mortgage loan and your home is worth $200,000, you have $50,000 of equity in your home.
The fastest way to build equity is to come up with a large down payment. The bigger your down payment, the more equity you will immediately have in your home. You build home equity when you make mortgage payments, when your property value rises, and when you make specific improvements to your property.
7. Financial predictability:
A fixed-rate mortgage payment doesn’t change, unlike rent rates.
Installing solar panels on your house keeps your power on during a neighborhood blackout. This makes your family feel more safe and secured.
The impact of generating your solar power goes far beyond saving on monthly bills. Solar is a clean and renewable source of energy. This directly supports your family’s health, reduces air pollution, preserve natural ecosystems, support the job growth in your local community, and help fight climate change. Now that's what you call a power-house!
10. It’s yours:
This tenth point represents your achievement, hard work, satisfaction, and knowing you made the American dream your reality. When installing solar panels, you can trust your home value to keep increasing day by day.
Owning a home is the American dream that comes with a lot of satisfaction and pride. When you install solar panels, your home becomes powered by the sun! Any excess electricity generated by the solar system is sent back to the grid and recorded as a credit on your monthly utility bill. Now that's a benefit that renters will never receive. It's time to make the switch to home ownership and energy independence.
To learn more about which solar system is right for you, reach out to IntegrateSun today to get an estimate, or schedule a virtual appointment and speak with one of our expert solar consultants. Follow us on social media, and leave a comment below, we are happy to respond. Today’s energy for a brighter tomorrow.