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

934 Properties Found. Showing 1-12
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8928 Esguerra Lane
Orlando, FL 32836
8928 Esguerra Lane Orlando, FL 32836
1 of 32
$300,000
Subdivision: Bay Lakes At Granada Sec 04
BEDS
3
BATHS
2
SQ.FT.
1,595
BUILT
1983
ON SITE
1Day
MLS
O5741231
DR PHILLIPS POOL HOME! Don't miss out on this great Bay Lakes at Granada property! Large oak trees shade the home and lot. Split floor plan with large screen enclosed pool-lanai deck area to enjoy...
525 E Jackson Street #506
Orlando, FL 32801
525 E Jackson Street #506 Orlando, FL 32801
1 of 15
$259,995
Subdivision: Jackson
BEDS
2
BATHS
2
SQ.FT.
1,268
BUILT
2006
ON SITE
1Day
MLS
O5741238
The condo is located on the corner of Jackson Street and Eola, it is walking distance to all of Downtown's "things to do", including Dr. Phillips Performing Arts Center, Amway, Lake Eola, and all...
5028 City Street #2032
Orlando, FL 32839
5028 City Street #2032 Orlando, FL 32839
1 of 14
$90,000
Subdivision: Charles Towne/Pk Central Condo
BEDS
1
BATHS
1
SQ.FT.
619
BUILT
1997
ON SITE
1Day
MLS
O5741116
Great location for this one bedroom one bath condo. Located in sought after Park Central, this third floor unit offers lots of space with soaring ceilings. The community offers state of the art...
13127 Ashington Pointe Drive
Orlando, FL 32824
13127 Ashington Pointe Drive Orlando, FL 32824
1 of 27
$260,000
Subdivision: Heather Glen At Meadow Woods 43/134
BEDS
4
BATHS
2
SQ.FT.
1,574
BUILT
2002
ON SITE
1Day
MLS
O5741127
Welcome to this beautiful move in ready 3 bedroom 2 bath home sitting on a gorgeous water view lot, in the beautiful community of Heather Glen. Fully updated and ready to move in open concept living...
7710 Harbor Lake Drive
Orlando, FL 32822
7710 Harbor Lake Drive Orlando, FL 32822
1 of 9
$225,000
Subdivision: Harbor Bend Ph 03 44/93
BEDS
3
BATHS
2
SQ.FT.
1,209
BUILT
2001
ON SITE
1Day
MLS
O5741087
Make this your home. Enjoy the serenity of this beautiful home in a well-established neighborhood in a quiet street for children to play. Home offers cathedral ceilings with plenty of natural light....
7148 W Livingston Street
Orlando, FL 32835
7148 W Livingston Street Orlando, FL 32835
1 of 34
$640,000
Subdivision: N/A
BEDS
3
BATHS
3
SQ.FT.
2,425
BUILT
2014
ON SITE
1Day
MLS
O5739232
Looking for a private lifestyle but still wish to remain in the heart of Orlando? Welcome home! You've found a hidden gem nestled between Dr. Phillips and Windermere. This is your opportunity to own...
2571 Swoop Circle
Kissimmee, FL 34741
2571 Swoop Circle Kissimmee, FL 34741
1 of 31
$420,000
Subdivision: Avilla
BEDS
4
BATHS
3
SQ.FT.
2,521
BUILT
2010
ON SITE
1Day
MLS
O5740771
Like New Beautiful 4 bedroom, 3 bath pool home with a 3 car garage and tile roof in a gated community that maintains the lawn and landscaping. As you enter the home, you will notice the 12 ft...
4368 Wyndcliff Circle
Orlando, FL 32817
4368 Wyndcliff Circle Orlando, FL 32817
1 of 28
$275,000
Subdivision: Suncrest
BEDS
3
BATHS
2
SQ.FT.
1,929
BUILT
1997
ON SITE
1Day
MLS
O5741029
Minutes to the University of Central Florida, this impeccably maintained home is perfect for you! Great location with easy access to SR-417, Alafaya Trail, Full Sail University, Rollins College and...
1604 Sanibel Drive
Kissimmee, FL 34741
1604 Sanibel Drive Kissimmee, FL 34741
1 of 10
$139,900
Subdivision: Florida Palms
BEDS
2
BATHS
3
SQ.FT.
1,204
BUILT
1992
ON SITE
1Day
MLS
S5008652
Don't miss out on this Wonderful Town house hard to find spacious double master suites . Incredible open floor plan with a closet pantry in the Kitchen,separate Laundry room ,covered patio with a...
3813 Atrium Drive #U2
Orlando, FL 32822
3813 Atrium Drive #U2 Orlando, FL 32822
1 of 22
$123,500
Subdivision: Southpointe Condo
BEDS
2
BATHS
2
SQ.FT.
820
BUILT
1985
ON SITE
1Day
MLS
O5741248
2 bedroom, 2 bath, 820 square foot condo at Ventura Country Club.
This condo has ceramic tile throughout, washer/ dryer included. Screened patio has tiled floor.
2 Heated community pools...
1312 Dewey Avenue
Orlando, FL 32808
1312 Dewey Avenue Orlando, FL 32808
1 of 10
$84,500
Subdivision: Lake Lawne Shores
BEDS
4
BATHS
1
SQ.FT.
1,020
BUILT
1957
ON SITE
1Day
MLS
O5741146
Fantastic 4 Bedroom, 1 Bath home with tile throughout. Solid Block Construction. Renovated Kitchen, Newer A/C and attic insulation. Fenced in back yard. Freshly painted inside and out. Inside Laundry....
7725 Carriage Homes Drive #3
Orlando, FL 32819
7725 Carriage Homes Drive #3 Orlando, FL 32819
1 of 23
$243,000
Subdivision: Carriage Homes At Southampton
BEDS
2
BATHS
2
SQ.FT.
1,312
BUILT
1990
ON SITE
1Day
MLS
O5741239
Great Location and Move In Ready Key West Styled Condominium! Enter and by welcomed by the Beautiful HardWood Steps that lead you to the this immaculate 2 bedroom 2 bath condominium home. The open...

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