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

1507 Properties Found. Showing 1-12
Sort By:
1042 Pine Street
Apopka, FL 32703
Open House
1042 Pine Street Apopka, FL 32703
1 of 25
$227,900
Subdivision: Cobblefield
BEDS
3
BATHS
2
SQ.FT.
1,788
BUILT
1997
ON SITE
1Day
MLS
O5777797
Don't miss your chance to own this beautiful 3-bedroom, 2-bathroom home situated on a dead-end street in Cobblefield! Greeted by a screened-in front entrance, this home also features a separate...
8712 Danforth Drive
Windermere, FL 34786
8712 Danforth Drive Windermere, FL 34786
1 of 26
$242,900
Subdivision: Lakes/Windermere-Lk Reams Twnh
BEDS
2
BATHS
3
SQ.FT.
1,360
BUILT
2005
ON SITE
1Day
MLS
S5016666
Beautiful 2 bedroom/2.5 bath townhome close to attractions and shopping.This highly desirable 2 story home features a fenced in courtyard that leads to a two car garage. The home also boosts a cozy...
4239 Caplock Street
Clermont, FL 34711
4239 Caplock Street Clermont, FL 34711
1 of 34
$459,000
Subdivision: Hunters Run Ph 2
BEDS
4
BATHS
4
SQ.FT.
3,328
BUILT
2015
ON SITE
1Day
MLS
G5014763
Welcome to this model like home that has been meticulously maintained featuring DUAL MASTERS and the high end upgrades you desire. Tropical landscaping lines the front yard, with pavered driveway...
3051 Stanfield Avenue
Orlando, FL 32814
Open House
3051 Stanfield Avenue Orlando, FL 32814
1 of 35
$629,900
Subdivision: Baldwin Park
BEDS
4
BATHS
4
SQ.FT.
2,794
BUILT
2010
ON SITE
1Day
MLS
O5777881
Professional Photos coming soon. Beautiful Baldwin Park 4 bed/3.5 bath Classical David Weekley Wilcox Home with double full-size front porches. Open Great Room and Kitchen are surrounded by bright...
1242 Ravida Woods Drive
Apopka, FL 32703
1242 Ravida Woods Drive Apopka, FL 32703
1 of 21
$239,000
Subdivision: Piedmont Lakes Ph 01
BEDS
3
BATHS
2
SQ.FT.
1,500
BUILT
1989
ON SITE
1Day
MLS
O5770702
Great 3 bedroom, 2 bath home in Piedmont Lakes. Amazing renovated kitchen with Quartz countertops, tile backsplash, beautiful appliances. Updated floor tile in main living area. **NEW**Master...
4655 Indian Deer Road
Windermere, FL 34786
Open House
4655 Indian Deer Road Windermere, FL 34786
1 of 25
$374,000
Subdivision: Summerport Ph 05
BEDS
3
BATHS
2
SQ.FT.
2,083
BUILT
2006
ON SITE
1Day
MLS
O5777145
SPA LIKE OWNERS BATHROOM WITH OVER $20,000 IN UPGRADES IN 2018! SHUTTERS THROUGHOUT THE HOME!! NEW A/C UNIT 2018! TRANSFERABLE TERMITE BOND! Make this home your next home in the comforts of...
3291 Westchester Square Boulevard #104
Orlando, FL 32835
3291 Westchester Square Boulevard #104 Orlando, FL 32835
1 of 47
$135,000
Subdivision: Hamptons
BEDS
2
BATHS
2
SQ.FT.
1,235
BUILT
2000
ON SITE
1Day
MLS
O5775853
One or more photo(s) has been virtually staged. Hurry to check out this gorgeous condo in the highly-desirable Hamptons at Metrowest community. This 2-bedroom, 2-bathroom home is guarded 24/7 and...
8532 Bay Springs Drive
Orlando, FL 32819
Open House
8532 Bay Springs Drive Orlando, FL 32819
1 of 34
$349,900
Subdivision: Villas At Bay Hill
BEDS
3
BATHS
2
SQ.FT.
1,728
BUILT
1999
ON SITE
1Day
MLS
O5776057
The Villas at Bay Hill is a hidden gem in the heart of Bay Hill/Dr. Phillips...Located close to downtown Orlando, Restaurant Row, YMCA, theme parks, airport, shopping and top-rated schools. This...
415 Greenbrier Avenue
Celebration, FL 34747
415 Greenbrier Avenue Celebration, FL 34747
1 of 50
$1,439,000
Subdivision: Celebration Village Unit 02
BEDS
5
BATHS
7
SQ.FT.
5,184
BUILT
1998
ON SITE
1Day
MLS
O5732705
Elegant and FULLY RENOVATED! exquisite Southern Charmer, custom built by Derrick Builders in Celebration's Main Village. This 5/6.5 home features Lg. master suite on 1st floor, gourmet kitchen w/ gas...
176 Norris Place
Casselberry, FL 32707
176 Norris Place Casselberry, FL 32707
1 of 41
$449,800
Subdivision: Lost Lake Estates
BEDS
4
BATHS
3
SQ.FT.
2,433
BUILT
2000
ON SITE
1Day
MLS
O5778039
This Gorgeous Lakefront 4 Bedroom, 3 Bath, 3 car garage pool home has so many great features,nestled right on the lake in the quiet gated community of Lost Lake. Dramatic front glass doors lead you...
12750 Enclave Drive
Orlando, FL 32837
12750 Enclave Drive Orlando, FL 32837
1 of 14
$284,940
Subdivision: Southchase Ph 01A Prcl 10
BEDS
4
BATHS
3
SQ.FT.
2,038
BUILT
1997
ON SITE
1Day
MLS
S5016701
Welcome Home! With all the upgrade this house is "almost new"- New Roof - New AC - New Duct Work - New appliances - New Washer and Dryer - Newer Modern Solid Surface Counter Tops - Newer Modern Tile...
11833 Citruswood Drive
Orlando, FL 32832
11833 Citruswood Drive Orlando, FL 32832
1 of 26
$220,000
Subdivision: Enclave/Moss Park
BEDS
2
BATHS
3
SQ.FT.
1,320
BUILT
2006
ON SITE
1Day
MLS
O5778286
Welcome home to this 2 bedroom, 2.5 bath, 1320 square foot townhouse located in the Enclave at Moss Park in the Lake Nona Area of Orlando, has a 2 car garage and lots of storage. The home offers...

Post a Comment