If you are currently renting a home or apartment, you may have found advantages to this type of living situation because it offers you flexibility in location – you can easily pick up and move if you experience a career change, get married or start a family.
But, there are so many great reasons to make the jump to homeownership.
1. Start building equity now
Even adjusted for inflation, home values today are multiple times higher than they were 50 years ago. Going hand in hand with this, home prices have increased each decade since too. For homebuyers, this may mean the sooner the better when it comes to purchasing a home. A down payment on a home will likely grow in value faster than money in a savings account. Not to mention this will be increasing your own net worth – not a landlord’s.
2. Waiting could make prices worse
Waiting for the warmer seasons to come has the potential of seeing higher costs. Parents often wait to move during this time so their kids’ academics aren’t disrupted. This increase of people on the market can influence price and rates.
It’s also uncertain where home prices are headed. They may dip periodically, but historically they always climb. Experts at CoreLogic and housing economics at real estate firms like Zillow forecast that even higher prices are ahead. So if you can afford it, why wait? No one can predict the future, but the age-old advice still rings true – buying a home is a good investment.
3. Tax benefits
Homeowners are entitled to a group of tax benefits that renters cannot claim. If you own your home, you may be able to deduct the following from your tax obligations:
- Mortgage interest
- Real estate property costs
- Any points you paid on the mortgage
- Costs of insuring the mortgage
4. Lennar offers luxury value at affordable prices across the country
Lennar offers a range of floorplans designed with every lifestyle in mind. From single-family homes to townhomes and more, there’s one waiting to help you start your next chapter. Whether you’ve outgrown your current home, need a dedicated workspace or you’re looking for a low-maintenance lifestyle, we design homes for every stage of life.
Open layouts provide ample room for entertaining friends new and old, while luxurious owner’s suites help you enjoy personal time at the end of each day. But most notably, our signature Everything’s Included® program outfits every new home with the most popular features at no extra cost. Enjoy upgraded countertops, stainless steel appliances, connected home technology and more.
Renting may give you a chance to improve your credit score, and it frees you from maintenance responsibilities and costs. However, renting a home does not entitle you to ownership, monthly stability payments, tax benefits or creative license to renovate and design the interior – all benefits afforded to you if you own a home.
Certainly, the best reason for owning a home is that each time you pay the mortgage, you steadily increase your degree of ownership, or equity – the value of a piece of property after any remaining debts on it have been paid. Renting does not give you the luxury of calling your home “yours.” Each month’s rent you pay goes toward your landlord’s mortgage or adds equity to their bank account; you are paying to live in someone else’s space, not your own.
At the end of the day, owning your home is freedom: Freedom from a landlord; freedom to financial stability; freedom to creative expression through renovation and décor; and freedom to call a space “yours.” Lennar is ready to help you achieve that rewarding feeling. We offer a variety of homesites and floorplans for you to choose from when you decide to invest in a new home that is you by design.
Learn more:
Why buy new: Find out all of the luxuries that come with buying a brand new Lennar home. Modern designs, innovative communities, and so much more.
Credit Scores: Learn about the importance of understanding your credit score, the factors that determine it, how it affects buying your first home and ways to improve your credit.
How to save for a down payment: Finding it difficult to save for your new home? Check out these money saving tips to help you save for your down payment on your new home
