Why rent when you could own? There are a ton of benefits to owning a home that you just can’t get with renting. While there are responsibilities with home ownership, it is also a great way to enjoy living in a beautiful home, all while building equity, enjoying fixed payments, and even benefiting your tax return!
A Brand-New Home
There’s nothing like being the first person to live in a brand-new home. There aren’t many renters who get to live in a brand-new place, but when you purchase a Lennar home, you get that amazing new-home feel—plus peace of mind thanks to the warranties that come with a newly-built home.
An Equity Builder
You can’t build equity when you rent, but you may when you own a home. With every payment, a portion goes to reducing your loan. It’s like a form of savings—your payments increase your equity, which you can tap into later. Also, as a home’s value increases, it creates even more equity. If you stay in your home for a long time, an increase in value may give you a good return on your investment.
A Tax Deduction
If you live in Tampa Bay, your rent payment is not tax-deductible. But if you own a home, the interest you pay toward your mortgage may be deductible, which could help your return. For many, this deduction is large since the interest payments can be the biggest part of your mortgage payment during the first years of owning your home. Property tax and closing costs are also possible tax deductions. Consult your tax advisor to see what kinds of tax benefits owning a home could bring.
A Fixed Payment
When you rent, your lease sets the price. Each time you renew your lease with your landlord or rental office, your rent likely increases. But with a fixed rate mortgage, the principal and interest payments never go up. You’ll pay the same each month, paying off more of the principal as you go.
A Home That’s All Yours
When you’re renting, it can feel like your place isn’t really yours. When you own, you have so much freedom to build the life—and the home—you want. From painting the walls to planting a garden in your backyard, your home is yours to design how you want.
Owning a home may be a great financial decision for you. While there are responsibilities to ownership, there are a lot of things you can benefit from as well. Be sure to Like Lennar on Facebook for more great information on home ownership and the home buying process.