Selling people on the idea of becoming a homeowner isn’t usually too hard. After all, it’s the quintessential American dream. From the sense of security to the sense of community, not to mention the financial benefits, the advantages of owning a home – especially a Sego Home – are clear.
Our hard work, excellent craftsmanship, and natural creativity enable us to offer uncompromising value and quality, prime locations, and well-planned neighborhoods, creating the best new homes and communities in the Salt Lake City area.
Still on the fence? Totally understandable. Deciding to buy a home is among the biggest financial decisions that many people make. The benefits of becoming a homeowner – good location, financial stability, and better lifestyle – are definitely worth considering.
The Benefits of Homeownership Are Often Long & Short Term
The benefits of homeownership are both short-term (guaranteed monthly payments) and long-term (building equity over the life of a mortgage). Let’s look at some of the reasons why homeownership is a good investment.
Building equity & wealth
A renter’s monthly payments only benefit their landlord. But as a homeowner, as you pay off your mortgage each month, you are building equity in your home. As your home increases in value, so does your equity. That extra money can be used to reinvest in a new home or an investment property. Or you could use your home to build wealth immediately by using it as a rental property.
Part of a mortgage payment goes towards the principal repayment. You’re paying yourself by building equity. By building equity, you are setting aside money that you can tap into down the road. As a forced savings, it is a good discipline.
Stable housing costs
The curse of renting is the uncertainty of an increase. With a fixed-rate mortgage, the payments won’t change. Unless you decide to change your mortgage terms, your monthly payment will remain the same throughout the duration of your home’s mortgage.
When you make monthly mortgage payments consistently, owning a home helps strengthen your credit over time. As you build up good credit, it will be easier to secure other forms of financing. (For example, a car loan or financing for an investment property.)
Homeowners enjoy a variety of tax deductions. For example, interest paid on a home mortgage is tax-deductible. Depending on your location, there may be property tax deductions, too. Homeowners may be exempt from up to $250,000 after selling a property due to an exemption in the capital gains tax. There are certain eligibility requirements, but homeowners can benefit from selling their homes.
While home values vary by location, the nationwide average shows that a typical homeowner who bought a house 30 years ago saw their home almost triple in value over that time. Even if home price appreciation eases as the market cools, experts say home prices are still expected to appreciate in 2023. That means, in most markets, your home should grow in value.
What Are the Benefits Of Buying A New Construction Home?
Once you’ve decided to become a homeowner, you need to figure out whether to buy new or used. While an existing home may seem like a better idea (cheaper, move in sooner), you should seriously consider buying a new construction home. In the Salt Lake City area, Sego’s new construction homes are the way to go. Here are some of the benefits of new construction homes.
- The locations. New construction homes tend to be strategically placed in ideal locations near schools, shopping, dining, and entertainment. There are many ways to get to know your neighbors, especially if there are community amenities like a pool, fitness center, or clubhouse.
- Customization. Many new construction homes allow you to customize your home to suit personal needs and taste preferences. You can select the right wall colors, appliances, and floor types. When you build with Sego Homes, you can select finishes and more in our Design Center.
- Modern layouts. Unless you are willing to pay extra for renovations in a resale home, a new-construction home is your best bet when it comes to meeting your needs. New homes come with layouts to suit modern families. Most of them have open concepts with large living areas and flex spaces.
- Low maintenance. With a newly constructed home, EVERYTHING IS NEW! The plumbing, the appliances, and the HVAC. Plus, the latest building codes and regulations mean that new construction homes are engineered to require less care and maintenance. With less to worry about and fewer unexpected expenses, you can spend your time enjoying your new home and community rather than renovating an existing home.
- Energy efficiency. This is a big concern today. New construction homes come with the latest systems, appliances, and insulation to help reduce energy consumption and lower your bills. You’ll have a more comfortable home with energy-efficient windows, a programmable thermostat, and a state-of-the-art HVAC system that helps regulate your home’s temperature. Plus, you will be saving big on energy costs.
- Warranties. Most new construction homes are covered by a variety of warranties. The warranties may cover the home’s foundation, workmanship, irrigation systems, and/or appliances. This is appealing to first-time homebuyers who are worried about the maintenance of a home. It will take a few years before you need to tackle repairs on a newly built house.
Contact Sego Homes Today For Info On Our New Construction Homes!
Buying a new construction home comes with so many positive benefits. When looking for a home with cost savings, energy efficiency, modern floor plans, and warranties situated in prime locations, look no further than a new home. Better yet, choose a Sego home in South Jordan and surrounding areas. For over 30 years, we’ve helped families find their perfect home where they can enjoy these benefits and more. We look forward to helping you too! Take a moment to browse our selection of floorplans and let us know when you find one you love or if you have any questions.