Benefits of Ownership

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The Benefits of Home Ownership

Tax savings, financial benefits and much, much more.
Most people considering a home purchase are familiar with the mortgage interest and property tax deductions that accompany home ownership. Keep in mind these deductions typically make up the majority of your payments for the first several years of your loan. This tax savings allows you to either take home more of your paycheck or receive a tax refund at the end of the year.
What many people don’t know is there are several other financial benefits beyond tax savings.

These include:

  • Increased financial security as you build up the equity in your home – equity that is available through a home equity loan or line of credit
  • Build positive credit faster lowering the costs for other types of financing such as car loans
    • Better terms and lower rates on credit cards
    • Discounts on insurance services particularly when your homeowners and auto policies are with the same insurance company

Beyond Finances

What’s the value of truly having a place to call home? Owning a home is more than a financial decision. Your investment goes far beyond taxes and equity. Owning a home means investing in the community where you live, its parks and its schools.

It’s an investment in your family by providing them with the stability and consistency that comes from having a place to call home. And it’s an investment in yourself as you learn what the pride of home ownership is really about.

A Place to Make Your Memories

This is where you’ll share stories around the kitchen table and experience the full gamut of life’s ups and downs. From your baby’s first steps to her first kiss to her first dance at her wedding – it’s all about having a place for your dreams.

A Place to Call Your Own

You want to paint the walls, get a dog or cat? (or both?) Go for it! This is your home.

WHY BUY NEW?

Compare the risks of purchasing a used home, especially a foreclosure or a short sale, with the security and certainty of buying a new home from French Brothers. The most obvious difference? Everything is new!

why buy new graph

Not only is everything new but it’s also better. Your new home’s appliances are more energy efficient, your floor plan represents the latest concepts and design standards, and the materials used in construction are more environmentally friendly when compared to most older homes.

Last, but clearly not least, is your new home warranty. Every new French Brothers home is covered by our new home warranty and our 1-2-10 StructSure program. If something fails, breaks or doesn’t perform as expected – we’ll take care of it. Compare this to the “as-is” terms of your foreclosure purchase. Sure, you could buy a used home warranty, but how much more will that cost?
Peace of mind, brand new everything, and a warranty to back it all up. Buying a new home may actually be less expensive than that foreclosure you’re looking at.

BUYING USED

Let’s say you’re looking at a 2,100 square foot foreclosure for $200,000. This home is in good condition, clean, habitable and fully functional. Despite its condition, you may still need to spend several thousand dollars before you move in. Some of these costs are obvious – new appliances, repaint a couple of rooms and a thorough cleaning.

buy vrs new cost

Add in a few chipped tiles, a small leak in a faucet and some landscape maintenance…
Maybe there are a few dings in the drywall, a broken blade in a ceiling fan and you need a new garage door opener. It adds up quickly. Are there any outstanding HOA fees or liens? Are you going to want a home inspection?
It keeps adding up. Are you sure it’s worth the risk?
In the case of foreclosures, the previous homeowner is likely to have lived in the home for months or even years after it was foreclosed.
Chances are they spent very little on maintenance and upkeep since this was no longer their home. This could easily add thousands more to the cost of getting it ready for you to move-in. And if they were angry at their situation and took it out on the house, it could cost tens of thousands or more.

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