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Why It’s Smart to Buy Now: Are You Sick of Paying Rent?

Reason 14: Rent

April 20, 2023

Why It’s Smart to Buy Now: Are You Sick of Paying Rent?

It’s one of the biggest reasons people purchase a home. Rent just keeps going up, and, unfortunately, there’s no significant relief in sight. Not only that, but the money you’re paying for rent isn’t building equity in something for long-term wealth. Post-pandemic, you may be deciding to continue to rent because buying may seem scary, a downpayment may feel overwhelming, or because you just don’t feel you can afford to buy. But buying may actually be a long-term investment that won’t cost you an arm and a leg.

Why buy now? New homes offer an opportunity to buy while prices are as low as they’ll likely get and give you the peace of mind that comes with buying new (warranties and new systems). New home prices went down over the past 6 months while supply prices returned to normal levels, but rent has continued to rise and higher prices are on the horizon due to costs rising again.

What about interest rates? Mortgage interest rates change daily, but the math is in your favor since home prices have reduced and Ideal Homes & Neighborhoods offers what many others can’t: better interest rates.

Let’s say you pay $2,200/month in rent. If you’re looking to pay about the same in monthly mortgage payments, here is some math to consider. We’ve based the following calculations off a 6.7% mortgage rate.


How much will a previously owned home cost each month?

  • Used home price: $350,000
  • Down payment: $35,000 (10%)


  • Estimated closing costs: $8,500
  • Estimated monthly payment = $2,328
  • Additional costs for heating and cooling = $80/month (compared to an Ideal home)
  • Additional costs for home repairs = $350/month (1% rule)


How much will a new IDEAL home cost each month?

  • Ideal home price: $350,000 
    • There are certainly homes available at a lower price point as well
  • Down payment: $35,000 (10%)
  • Ideal Homes & Neighborhoods interest rate buydown to 5.7% (depending on qualification)


  • Estimated closing costs: $4,500 
    • This includes a $4,000 credit towards closing costs from Ideal Homes & Neighborhoods.
  • Estimated monthly payment = $2,124
    • Included one-year warranty
    • Included 10-year structural warranty
    • Guaranteed heating and cooling usage on most Ideal homes

With lower home prices than you’ve probably seen in the past year and incentives from Ideal Homes & Neighborhoods to lower your interest rate, now is a great time to invest in your future and personalize your dream home.

If you’re on the lookout for a great new home for a reasonable price, give Ideal Homes & Neighborhoods a call. We have the resources and connections you need to make a wise choice in what’s probably the best investment you’ll make. Whether you want a home that’s move-in ready or prefer to build that perfect personalized home, we can help! Just imagine, no more rent increases! You’ll know exactly what your payments will be for the foreseeable future, and you’ll be building equity in your very own home – something you’ll never do with rental property.

Ideal has a community that will fit your lifestyle and needs. It’s a big step, but we’re here to help all the way. Every Ideal home has warranties and amenities you won’t find with any other builder. So, lose the unstable rent hikes and talk to us today about getting into your very own home!