Leasing Your Home vs. Buying Your Home
Where you’re going to call home is a huge decision to make. One of the largest decisions one makes during their lifetime. And with a million questions racing through your head, it can be stressful. What can I afford? Where can I afford? Is it old? Is it new? Does it meet my expectations?
We’re here to break down why leasing your next home in a single-family leased home community might be the best & easiest decision for you.
Flexibility of a lease
Having a lease means you don’t have to commit to an area or a home by committing a down payment or spending years paying off your mortgage. You’re free from the burden of a mortgage, time commitments, and responsibilities of homeownership. If you need to move for your job – you can! If you want to drop everything and travel the world – be our guest! The “American Dream” is evolving, and we are too.
One of – if not THE — biggest decisions about where you will rest your head at night is the cost. As the cost of living is increasing almost everywhere, we’re here to break down why leasing your next home might actually save you money in the long term. The monthly expenses of mortgage interest, insurance, property taxes, and annual maintenance for owning a comparable home in many cases far exceeds the monthly rates of leasing in a single-family leased home community – like a Canvas® Community. Not to mention the additional unexpected and potentially “big ticket” costs that goes into a home if something breaks or needs fixed.
Contrary to popular belief, the significant upfront expense associated with the purchase of a home does not provide a buyer the power to grow their finances as much as some may assume. According to Rocket Mortgage, the national annual average home appreciation for the past 10 years is 4.6%, and in that same time period the annual average for the S&P 500 is 9.2% according to Goldman Sachs. There are many factors that come into play when comparing costs of leasing a home vs. buying; and although there is no clear indication on which is the more cost effective option, in many cases – leasing can you offer you a more fixed housing cost and the freedom to invest in higher yielding opportunities.
All single-family home leased communities are unique – even when we think about each of our different Canvas® Communities, they are all individualized and one-of-a-kind. That’s what makes them so great! But all of them have community amenities that enhance your quality of life. At Canvas® Communities, you can expect to find a swimming pool, fitness center, clubhouse, artificial turf game lawn, dog park, and more – all within walking distance from your front door.
Not to mention the on-site maintenance crew that will take care of your home repair and upkeep needs, so you can have the freedom to do what you want when you want. Home-repairs, lawn-care, snow removal, and more mundane home up-keeping tasks don’t fall on your shoulders. These are all services provided for you so you can simply live more.
If you’re renting your next living space… Think about the space! An apartment can only provide so much storage and room for activities, pets, family & friend gatherings, etc. A home can provide many more options. Homes often times offer ample storage space, extra rooms, a yard or patio, and more. With your own walls, your own private yard, and your own attached garage you have more privacy and space to take delight in having the “Canvas” to create your masterpiece.
One of the greatest parts about living in a single-family home leased community is the community. These lively neighborhoods give us the opportunity to cultivate and build meaningful relationships. Through the communal gathering spaces and special social events held at Canvas® Communities, there is no better way to meet your neighbors and grow friendships. We’re providing vibrant neighborhoods created to challenge the conventional living experience for the better, and provide the community feel of a small town.
The Bottom Line
Although some people may prefer to buy their home, homeownership is not for everyone. We know you certainly can’t put a price on personal utility with home ownership. However, leasing your next home in a single-family leased home community combines the advantages of living in a home, while adding the benefits of living in an amenity-filled apartment complex. With the flexibility of a lease and no hindrance of homeownership, you have the freedom to do what you want when you want without the long term obligation of a mortgage, property taxes, ongoing home up-keep, maintenance, and more. Canvas® Communities provide an elevated lifestyle with highly sought-after community and in-home amenities, hospitality inspired services, and the comfort of a custom single-family home. Realize the freedom to create the lifestyle you’ve always pictured in a Canvas® Community today.