Life’s events often take us in a new direction we may not have been considering. You may find yourself relocating for a job, creating more room for a growing family, or simply looking for a change of scenery. With these opportunities come very important factors to take into consideration to make the best decision for you and your family. It’s often easiest to determine location first and then consider renting or buying.
Often, the stage of life you’re in or your financial circumstances dictate what’s possible, and which option makes the most sense. But assuming you are in a position to buy, there are distinct advantages to going that route. Here are five of them.
1. When You Buy, You’re Building Equity
When you’re renting, you’re not building any equity—your landlord is. But when you own your home, you’re steadily building equity over time. Assuming you’ve bought into a thriving neighborhood, it’s an investment that will provide you with financial options in the future. Perhaps you’ll get a check when you sell your home down the road. Or maybe you’ll borrow against your home with an equity line. No matter what you do with your equity, for many people their home is their most sizeable asset, and an effective way to build wealth.
2. There’s a Potential for Tax Deductions
We’ll preface this benefit with a disclaimer: each person’s financial situation is unique, so it’s always important to consult your tax advisor. However, another allure for owning a townhome is the interest portion of your mortgage payment might be tax deductible if you qualify. This can lead to significant savings over time. On the other hand, your rent payment, unfortunately, is not tax deductible.
3. Fixed-Rate Mortgage Payments Never Go Up
If you’ve ever renewed a lease, you know exactly what happens when you get your new documents: you discover your rent payment has gone up again. But when you own a townhome with a fixed-rate mortgage, you never have to worry about your payments increasing. Taking away this uncertainty allows you to plan accordingly for the future, whether you’re looking to stash more money into savings or set it aside for a big purchase.
4. You’ll Enjoy the Pride of Ownership
While the previous advantages are more practical, there’s a more emotional benefit to home ownership, too. A sense of pride comes with owning your own place, especially if you’re a first-time homeowner. From creating your own sense of style to maintaining a small yard to owning a pet, buying gives you the freedom to create your own aesthetic, and build on it over time.
5. Modern Convenience and Peace of Mind
This last advantage applies when you’re buying a brand-new home, which provides additional perks. Our homes come with modern, eco-friendly features that contribute to the long-term health of the home and have less impact on the environment. Lennar’s new homes also come with warranties, which means you don’t have to worry about unexpected costs or stress when a problem arises. Plus, each home is filled with our Everything’s Included® features, including voice-activated Home Automation and Wi-Fi CERTIFIED™ Home Designs.
The convenience and peace of mind that comes with a new home purchase is very appealing to many home buyers.
As we noted at the outset, each individual has their own unique set of circumstances, so when you’re deciding to buy or rent a variety of factors will impact your decision. But if you’re leaning towards buying, hopefully these five reasons will give you more confidence to take the leap.
If you’re considering the idea of purchasing your first home, we have a variety of options to choose from:
- The Greens & The Gardens both offer Lennar-quality 2-story townhomes in Indian Land, SC with master down options.
- Our Westbranch Townhomes are located in the highly desirable Davidson community, which provides easy access to shopping, restaurants, and entertainment.
- Ardrey North in Charlotte, NC, offers beautiful three-story townhomes with attached two-car garages on the ground level.
To learn more about any of these communities—or to schedule a self-guided tour—visit the links provided above or call 888-208-4141 to get more information.