Benefits of Owning a Home Over Renting

At Hamlet Homes, we’re thrilled to be homebuilders you can count on when searching for a new house. We have years of experience building neighborhoods and providing beautiful homes that will make you and your family proud and happy. If you are thinking about buying rather than keep renting, this is for you. Here are some of the major benefits of owning your home.

Remodeling Benefits

When you rent a home or apartment, your options for improving the living space are very limited. When you own a home, remodeling is completely up to you – and it can benefit you both personally and financially. Not only do renovations make your home more enjoyable for you and the entire family, they can also provide value. Additions like landscaping, central air, updated appliances, and/or insulation can lead to a major hike in your resale price and may allow you to make some very basic tax deductions as well.

Own Equity

Buying a home is a personal investment. As you pay off a basic mortgage loan, you are building equity in your home-owning more and more of it as you move along. After years of building up, you can use the money to take out a home equity loan or line of credit for help.

Locked-In Costs

With a rental situation, it’s common for the landlord to increase rent year over year – even if you are living in the same unit. The price increase has actually outpaced inflation due to high demands since the housing bust. Owning your own home, acts as a hedge against this. Especially if you have a fixed-rate mortgage, your monthly costs will be the same no matter what’s happening in the market.

Tax Breaks

Owning a home also comes with major tax breaks. You can get mortgage interest tax breaks, and there are several others depending on your exact situation. Sites like TurboTax make these kinds of deductions easy to figure out. For more on why owning a home will benefit you or to learn about any of our new home construction, speak to the pros at Hamlet Homes today!