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

898 Properties Found. Showing 1-12
Sort By:
12613 Somerset Oaks Street
Orlando, FL 32828
12613 Somerset Oaks Street Orlando, FL 32828
1 of 24
$215,000
Subdivision: Waterford Villas 51 103
BEDS
3
BATHS
3
SQ.FT.
1,483
BUILT
2004
ON SITE
1Day
MLS
O5764018
This beautifully maintained townhome features NEW GRANITE in the kitchen, NEW SINK, NEW FAUCET and NEW REFRIGERATOR. You'll notice a half bath located downstairs for your guests when entertaining on...
1354 New Town Avenue
Orlando, FL 32835
1354 New Town Avenue Orlando, FL 32835
1 of 13
$349,900
Subdivision: Hamptons
BEDS
4
BATHS
3
SQ.FT.
2,346
BUILT
1998
ON SITE
1Day
MLS
O5764288
Beautiful 4 bedroom, 3 bath home with an inground POOL, two car garage and extra large corner lot. Chef's kitchen with Samsung appliances featuring french door refrigerator and convection oven. Other...
1965 Plumas Way
Orlando, FL 32824
1965 Plumas Way Orlando, FL 32824
1 of 29
$334,900
Subdivision: Sawgrass
BEDS
3
BATHS
2
SQ.FT.
2,026
BUILT
2017
ON SITE
1Day
MLS
O5763958
Our team presents...your dream! Absolutely gorgeous home in sought after location with waterfront views and no rear neighbors. Interior features ceramic tile throughout the entire home (no carpet)....
3572 Somerset Circle
Kissimmee, FL 34746
3572 Somerset Circle Kissimmee, FL 34746
1 of 21
$334,900
Subdivision: Bellalago Ph 02N
BEDS
6
BATHS
5
SQ.FT.
3,359
BUILT
2005
ON SITE
1Day
MLS
S5008723
This exquisite 6 bedroom/4.5 bath home located in the gated community of Bellalgo is a must see! Fabulous layout with all the right spaces. Formal living room, family room and dining room. Cook...
6152 Burnside Circle #104
Orlando, FL 32822
6152 Burnside Circle #104 Orlando, FL 32822
1 of 20
$159,000
Subdivision: Willowpointe Condo Ph 01
BEDS
2
BATHS
2
SQ.FT.
892
BUILT
1982
ON SITE
1Day
MLS
O5764354
An immaculate first floor condo in the hidden gem community, Ventura Country Club. This wonderful unit is move in ready with light cream tile, beautiful fresh paint, updated furniture (remains with...
1480 Casa Rio Drive
Orlando, FL 32825
1480 Casa Rio Drive Orlando, FL 32825
 
$290,000
Subdivision: Rio Pinar West
BEDS
4
BATHS
2
SQ.FT.
2,400
BUILT
1974
ON SITE
1Day
MLS
O5764350
Welcome home! You are right in the gorgeous the highly desirable Rio Pinar Country Club community with NO HOA! You'll be minutes from Downtown Orlando, restaurants, shopping on Lake Underhill and...
1044 Lake Biscayne Way
Orlando, FL 32824
1044 Lake Biscayne Way Orlando, FL 32824
1 of 24
$258,900
Subdivision: Hidden Lakes Ph 02
BEDS
3
BATHS
3
SQ.FT.
2,416
BUILT
1998
ON SITE
2Days
MLS
O5764058
Located in desirable HIDDEN LAKES a 24hrs gated community. Spacious layout offers vaulted ceilings formal living/dining combo, eat-in kitchen and family room. Master bedroom is located downstairs...
8867 Hastings Beach Boulevard
Orlando, FL 32829
8867 Hastings Beach Boulevard Orlando, FL 32829
1 of 27
$265,000
Subdivision: Vista Lakes Vlgs N-8 And N-9 (Newport)
BEDS
4
BATHS
2
SQ.FT.
1,834
BUILT
2004
ON SITE
2Days
MLS
O5763988
Welcome Home! As you pull into your extended driveway, you will immediately notice the curb appeal of this light and bright home! As you enter your peaceful sanctuary with fresh spa-like interior...
3114 Bellingham Drive
Orlando, FL 32825
Open House
3114 Bellingham Drive Orlando, FL 32825
1 of 32
$270,000
Subdivision: Andover Lakes
BEDS
4
BATHS
2
SQ.FT.
1,852
BUILT
1997
ON SITE
2Days
MLS
O5763102
Welcome Home! Andover Lakes in East Orlando, Fabulous 4 Bedroom 2 Bath, home features with Stainless Steel appliances, Tile floors throughout main living areas, The master bedroom has it's own...
1226 Cherry Valley Way
Orlando, FL 32828
Open House
1226 Cherry Valley Way Orlando, FL 32828
1 of 27
$267,000
Subdivision: Bridge Water
BEDS
3
BATHS
2
SQ.FT.
1,748
BUILT
1998
ON SITE
2Days
MLS
O5763259
Don't miss this well-kept BEAUTIFUL 3/2 home in the quaint community of Bridge Water. From the moment you drive up to this home, you will see the owners have put tremendous care into maintaining this...
4436 Loring Place
Orlando, FL 32812
4436 Loring Place Orlando, FL 32812
1 of 26
$285,000
Subdivision: Dover Shores Tenth Add
BEDS
3
BATHS
2
SQ.FT.
1,632
BUILT
1961
ON SITE
2Days
MLS
O5763944
Meticulously maintained home with Florida-Friendly Landscaping. Formal living room, dining room and family room. Updated kitchen with all appliances included. Inside laundry plus bonus room for...
13046 Lessing Avenue
Orlando, FL 32827
13046 Lessing Avenue Orlando, FL 32827
1 of 39
$724,900
Subdivision: Laureate Park Ph 3B
BEDS
4
BATHS
4
SQ.FT.
4,310
BUILT
2015
ON SITE
2Days
MLS
O5763117
This immaculate and well maintained home in the highly sought after Laureate Park Community in Lake Nona. This Taylor Morrison Russel model is a two- story home which offers four bedrooms, three and...

Post a Comment