Top 10 Reasons to Own Rather than Rent
Below is a article from Florida Realtors News, the red writing is my personal opinion.
WOODLAND HILLS, Calif. – Oct. 17, 2011 – In an era of foreclosures, buyers focus on financial reasons for purchasing, but ownership has emotional rewards too. A California condo developer, the Met Warner Center, put together the following list – but it applies from Florida to Alaska.
Top 10 reasons to own rather than rent
1. You own it: With no landlord, you make the decisions. (You don’t have to get permission to hang a painting on the wall, and you definitely are not required to use sticky putty to hang a painting or poster… that works for about 5 minutes then falls off anyway.)
2. You deduct it: Mortgage interest, property taxes and some costs involved with buying a home can be deducted from federal income taxes.
3. Interest rates: The cost to borrow mortgage money is at an all-time low. If you’re going to buy, this is the time to jump into the market. (Interest rates are so low! The average rate for a fixed 30 yr loan dipped down to 3.94% on Oct 6th, but is now back up to 4.12%, and the average rate for a fixed 15 yr loan is 3.37%, if that’s not enticing I don’t know what is.)
4. You invest in it: Rent money is gone forever. Mortgage payments build home equity ownership interests. (When renters stay in a home and give someone a check every month, the renter is usually just paying someone else’s mortgage for them. Get that? It’s the renter throwing money out the door and into someone else’s pocket. Wouldn’t a renter like to throw money into their own pockets?)
5. You save for the future: Home equity is a ready-made savings plan. Sell it and you can make up to $250,000 cash without owing any federal income tax on the profit. (Investment opportunities, and you get to use the investment everyday (live in it) if you so choose.)
6. You can predict expenses: Unlike rent, a fixed-mortgage payment doesn’t get more expensive over time. (With a fixed mortgage payment, the lender locks in a rate and the principal and interest portion of the payment changes as time goes on, but the amount paid every month stays the same.. isn’t that nice, you always know what you have to pay every month.)
7. You pick it: Choose from different neighborhoods, styles and price ranges. (Unlike when you rent a home because it might be the only home available, when you buy , you choose where you want to be.)
8. You create it: Decorate, renovate, get a pet or paint the walls whatever color you want – it belongs to you. (Again, there will be no need to ask for permission to make any changes you wish.)
9. You live in a neighborhood: You and your neighbors take pride in the local schools, roads and more – and you work together to build a friendly community. (Homeowners usually take better care of their property than a renter does.)
10. You spend money on yourself: When you buy a chandelier or hardwood floor or kitchen cabinet, you’re spending hard-earned money on yourself and building your equity at the same time. (Adding improvements to the home will benefit the homeowner… which is hopefully you!)
© 2011 Florida Realtors®
All in all, these 10 factors are saying Buy Now!! Contact us at Grayton Coast Properties (850) 231-2886 if this article gets you thinking you would like to look around for a great deal.