Why Buying a Home is better than renting?

There are times when it is better for a person to rent, but most often home ownership has many more benefits and advantages.  

I had a neighbor who lived next to our house and but unlike my parents who own our house, the neighbor was renting. The neighbor payed his rent every month as well as my parents payed their mortgage on time every month.

20 years passed and my parents with some extra payments, completed the payment of their house and now own the property free and clear and own a valuable asset with no monthly payment. While the neighbor had to continue making payments every single month.

Later on, he and his wife told me that the biggest mistake they ever made was not to invest in buying a home.  In their retirement years, when their other retired friends were living in homes that were almost paid off and had appreciated greatly, my former neighbor and his wife were using a huge portion of their limited retirement money to make expensive home rent payments. They strongly cautioned me not to make the same mistake they had.

Recent studies are showing that there are many benefits for both the owners and the community for owning your own home, including increased education for children, lower teenage pregnancy rate and a higher lifetime annual income for children. Besides these, listed below are some of the primary advantages for owning your own house. 

1) More Stable Housing Costs

Rent payments can be unpredictable and typically rise each year, but most mortgage payments remain unchanged for the entire loan period. If the taxes go up, the increase is usually gradual. This stable housing cost especially important in times of inflation, when renters lose money and owners make money. 

2) Tax Savings

Homeowners can be eligible for significant tax savings because you can deduct mortgage interest and property taxes from your federal income tax, as well as many states' income taxes. This can be a considerable amount of money at first, because the first few years of mortgage payments is made up mostly of interest and taxes. 

3) Debt Consolidation

If you need to, you can refinance a mortgage loan to consolidate other debts (an opportunity you don't have if you are renting.) And the interest on this is also tax deductible.

4) Equity

Instead of payments disappearing into someone else’s pocket, home owners are building equity in their own home. This is often one of a person's biggest investment assets.  Each year that you own the home you pay more toward the principal, which is money you will get back when the home sells. It is like having a scheduled savings account that grows faster the longer you have it. If the property appreciates, and generally it does, it is like money in your pocket. And you are the one who gets to take advantage of that, not the landlord. You can then use this equity to plan for future goals like your child's education or your retirement.

5) It is Yours!

When you own a home, you are in control. You the freedom to decorate it and landscape it any way you wish. You can have a pet or two. No one can pop in and inspect your home and threaten to evict you. 

Even young people, like college students out on their own, can often benefit from home ownership. It puts them ahead of other young people their age financially by helping with their credit and giving them what is often an excellent investment. Often a college student buying a home will rent the rooms out, and his or her roommates end up making the payments for the house. When the student is ready to move on, her or she can sell the home (hopefully making a profit) or keep it as an investment and continue to rent it.

Buying a home is an important decision. It is often the largest purchase a person makes in his or her life. And with that the probably the most important financial decision of their life.

When considering home ownership, you need to weight the advantages and disadvantages for yourself.  If you are like most people, you will find that homeownership is worth the risks and disadvantages.

Reasons to Buy a House

690 Properties Found. Showing 1-12
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3012 Parkway Boulevard #205
Kissimmee, FL 34747
3012 Parkway Boulevard #205 Kissimmee, FL 34747
1 of 7
$92,500
Subdivision: Blossom Park Villas A Condo
BEDS
1
BATHS
1
SQ.FT.
661
BUILT
1990
ON SITE
1Day
MLS
S5010871
well maintained 1 bed 1 bath with furniture located in high desirable community. the location is very nice. minute to I4, 5-10 minutes to Disney all 4 park. close to outlets shopping mall ,...
5725 Gatlin Avenue #325
Orlando, FL 32822
5725 Gatlin Avenue #325 Orlando, FL 32822
1 of 12
$97,800
Subdivision: Venetian Place
BEDS
1
BATHS
1
SQ.FT.
735
BUILT
1990
ON SITE
2Days
MLS
S5010838
investors excellent and renovated condo, 735 sqft located near mayor highways, beautiful accents and amazing gated community. this property s ready to go!
000 Confidential Ave.
Orlando, FL 32808
000 Confidential Ave. Orlando, FL 32808
1 of 23
$189,000
Subdivision: N/A
BEDS
3
BATHS
3
SQ.FT.
1,461
BUILT
2017
ON SITE
2Days
MLS
O5732706
3 bed 2.5 bath condo offers comfortable living in an affordable place. Westwood is a distinctive gated community, brand new with innovative floor plan. Located just west of downtown, Westwood Villas...
7891 Horse Ferry Road
Orlando, FL 32835
7891 Horse Ferry Road Orlando, FL 32835
1 of 15
$501,500
Subdivision: Westminster Landing Ph 02
BEDS
5
BATHS
3
SQ.FT.
3,457
BUILT
2001
ON SITE
2Days
MLS
O5751671
Beautiful spacious home in the gated community of Westminster Landing. Step inside to find 5 bedrooms, 3 baths, spacious kitchen with center island, breakfast bar and open to dining area, family room...
6100 Westgate Dr #203
Orlando, FL 32835
6100 Westgate Dr #203 Orlando, FL 32835
1 of 17
$114,900
Subdivision: Central Park
BEDS
1
BATHS
1
SQ.FT.
1,228
BUILT
1988
ON SITE
2Days
MLS
O5749802
Great Investment Opportunity . Gated community with lots of ammenities ! Only minutes from Valencia College,Universal Studios and Interstate 4 Income producing from day 1 .
4609 Ring Neck Road #A
Orlando, FL 32808
4609 Ring Neck Road #A Orlando, FL 32808
1 of 23
$87,000
Subdivision: Pheasant Run At Rosemont Condo Ph 02
BEDS
2
BATHS
2
SQ.FT.
960
BUILT
1983
ON SITE
2Days
MLS
O5751201
Don't miss your chance to own this updated and well maintained 2 bedroom and 2 bath condo with an open floor plan and lake front view. Surrounded by beautiful landscaping this condo has a one car...
3531 Clear Stream Drive
Orlando, FL 32822
3531 Clear Stream Drive Orlando, FL 32822
1 of 44
$279,000
Subdivision: Ventura Reserve Ph 03
BEDS
3
BATHS
2
SQ.FT.
1,384
BUILT
1996
ON SITE
2Days
MLS
O5751682
This pampered home in Ventura Country Club, features a lot up newly installed upgrades like double pane energy saving windows, newer energy saving A/C system. Newer roof, newly renovated master...
1712 Merritt Park Drive
Orlando, FL 32803
1712 Merritt Park Drive Orlando, FL 32803
1 of 24
$389,000
Subdivision: Colonial Manor
BEDS
3
BATHS
2
SQ.FT.
1,560
BUILT
1949
ON SITE
2Days
MLS
O5740595
Don't miss your chance to own this renovated Colonial Manor home mere steps away from the lovely Leu Gardens and the Audubon Park Garden District! This residence shows off its own love for outdoor...
11745 Fitzgerald Butler Road
Orlando, FL 32836
11745 Fitzgerald Butler Road Orlando, FL 32836
1 of 22
$239,900
Subdivision: Newbury Park
BEDS
4
BATHS
3
SQ.FT.
1,544
BUILT
2010
ON SITE
2Days
MLS
O5751694
**UPGRADES GALORE** **END UNIT - LOTS OF NATURAL LIGHT THROUGHOUT** **4 BEDROOMS & 3 FULL BATHS** **BED/FULL BATH COMBO ON 1ST FLOOR** **NEW LAMINATE & TILE IN LIVING AREAS** **CLEAN & MOVE-IN...
6040 Peregrine Avenue #A01
Orlando, FL 32819
6040 Peregrine Avenue #A01 Orlando, FL 32819
1 of 16
$99,000
Subdivision: Windhover Condo
BEDS
1
BATHS
1
SQ.FT.
591
BUILT
1974
ON SITE
2Days
MLS
O5751366
Orlando living at an affordable price! This beautiful 1 bed/1 bath condo is conveniently located: just a walk away from Universal; close to Turnpike, I-4, and I-Drive, and the best of Orlando...
2951 Lindale Avenue #10
Orlando, FL 32814
Open House
2951 Lindale Avenue #10 Orlando, FL 32814
1 of 50
$755,000
Subdivision: Baldwin Park
BEDS
4
BATHS
4
SQ.FT.
2,724
BUILT
2008
ON SITE
2Days
MLS
O5751684
This is a beautiful and well maintained 4 bedroom 3.5 bath single family home just waiting for the right family to enjoy all of the amenities that it has to offer. You will enjoy a large living room...
8921 Legacy Court #105
Kissimmee, FL 34747
8921 Legacy Court #105 Kissimmee, FL 34747
1 of 41
$147,999
Subdivision: Legacy Dunes Condo
BEDS
2
BATHS
1
SQ.FT.
901
BUILT
2000
ON SITE
2Days
MLS
S5010843
This Charming Ground Floor Condo is just off of Hwy 192 near many shops and restaurants and only 5 miles to Disney With Quick Access To I-4, US-27 And the Rt 429. The unit has porcelain title thru...

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