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Construction defects can offset benefits of homeownership

One of the many perks of working hard and making a good living is the ability to purchase a new home. In addition to being your own personal domain, a house can be an important financial investment. In this post, we will look at some of the benefits afforded by homeownership.

One thing that makes the prospect of homeownership attractive as an investment is what is called "leveraging." Leveraging simply means that you only need to pay a small percentage of the house's value in order to assume the benefits of homeownership. Leveraging allows you to get a greater rate of return when purchasing a house than stocks, which require a full payment for purchase.

There are also tax benefits that are only available to homeowners. You can make deductions for property taxes as well as mortgage interest. If you sell a principal residence, the profits, up to certain amounts, are not subject to the capital gains tax.

Of course, your house can be your home. Home ownership is part of the American dream and having your own home entitles you to a certain amount of personal freedom. You are not bound by the rules of a landlord. Academic research shows that there are a wide variety of social benefits that can be garnered from owning a home.

However, all of the hopes and dreams you have for life in your new home could become imperiled if the house is rife with construction defects. Fortunately, you should have a warranty that requires the party that sold you the home to make appropriate repairs. Sometimes, home sellers refuse to make the needed repairs. If the defects are serious enough, they may not only be costly to fix, but dangerous as well.

If you are having problems getting construction defects repaired on your house, a Florida construction litigation attorney may be of service. The attorney could help you work toward getting your dispute settled and the terms of the warranty honored.

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Warren Gammill & Associates

Suite 400, Courthouse Plaza
28 West Flagler Street
Miami, Florida 33130

Phone: 305-579-0000
Fax: 305-371-6927

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