Homeownership is the quintessential American Dream. Yet there are still millions of people who continue to rent instead of buy. The team at Enchanted Construction Services in Greenville, SC know that the choice between renting or buying your home can be difficult to make. We have years of experience in the housing market so we can help you understand the advantages of homeownership as you start your search. Buying a home continues to be the best option for housing, when compared with renting. Here’s why.

Making It Your Own- There’s only so much you can do in a rental to make the space truly yours. Most rental properties won’t even allow you to paint or wallpaper areas of the home, much less knock out walls or create additions like patios or walkways.

When you own your own home, you can design it however you like. You can put in a kitchen island, add a nook, create an outdoor entertainment space, or paint your children’s rooms their favorite colors. You can truly transform the space you have into the home you love.

Dependable Living Situation- There’s a fair amount of uncertainty that goes along with renting a home. At any moment, your landlord could decide to sell your home, lose the building to the bank, or decide not to complete their duties as a landlord. When you own your home, you are in charge. You won’t have to wake up to a surprise notice from your landlord that they are selling the home or deal with poor living situations.

Fixed Monthly Payments- Rent prices can change with inflation. At any moment, your landlord could decide to increase the rent on your next lease agreement. With a fixed rate mortgage, your monthly costs will not change. You can create a more dependable budget and enjoy the peace of mind that comes with living in your own home.

You Call the Shots- Waiting on a landlord to repair or replace something can sometimes take months. You could be left with a leaky pipe, electrical issues, or faulty air conditioning. However, when you own the home, you won’t have to rely on someone else to fix the heating, schedule a plumber, or clean out your vents. You can depend on yourself. And, with the savings you’ll get from buying, you’ll be better able to handle these events when they come up.

Enjoy the Benefits of Forced Savings-A major perk of homeownership is forced savings. As you pay your mortgage, you are putting money into an investment. Unlike rentals, homeownership gives you a physical return on your monthly payment. Your equity grows so that you have a physical investment that you collect when you choose to sell your home.

Save Money on Furniture- Most rental properties have very limited layouts. Tiny nooks and small bedrooms mean you’ll have to buy new furniture to fit the space, probably every time you rent a new property. With homeownership, you can invest in furniture that will fit your space year after year.

Energy Efficiency Increases Savings- When you buy a home, you can save money on your energy efficient appliances and upgrades in two ways. First, you could qualify for a tax break for adding energy efficient additions and improvements. Secondly, you’ll save month after month with lower utility bills.

Create a Second Income- From renting out your home to vacationers to renting out plots of land for gardening, there are numerous ways to create a passive income from your home. You can turn your home into a money-making machine with little to no extra work on your part.

Tax Deductions Put Money Back In Your Pocket– Unlike renting, homeownership comes with different tax deductions. You can deduct interest payments on your mortgage, eligible expenses on improvements, and avoid extra federal taxes when you sell your home. These tax breaks can spread your mortgage dollars even further.

10) Benefits of Appreciation- Putting the same amount of money into stocks as you do your home is a far riskier investment with a much lower payout. Putting money into a home allows your investment to appreciate, faster than stock or other investments.

The team at Enchanted Construction Services understand the concerns and fears of first-time buyers and even those buyers who are returning to the housing market. We have offices in Greenville, Spartanburg, and Anderson, South Carolina to meet the needs of our clients. Call us today at 864-895-0061 to get started on your dream home.