The Financial Benefits of Owning a Home
The benefits of owning your Florida home are many and varied; they affect both financial and personal areas of your life.
If it is yours, you can do what you want to it. Want to knock that wall down? Go ahead, just make sure you know what’s in it, first. Paint half the walls chartreuse and the other half lime green? Cool. This kind of freedom, even if you never take advantage of it, is a major benefit over renting a home.
A home you own can also be passed down. Give your children and grandchildren a place to put down roots and make memories. You can’t do that as well in a rented house.
While the price of buying a home may seem daunting, in the long run, it can actually cost you more to rent than to own. One major benefit of owning a home in Florida is the tax benefits will help offset some of the cost of owning the house. Also, while rent can fluctuate based on many factors, if you get a fixed-rate mortgage your payments will always be the same.
Real estate is a solid long-term investment. If you own your home for at least 6 years, you are accumulating wealth. Housing real estate generally remains stable even in the sometimes volatile real estate market, so you can be secure in this investment.
In the end, buying a home is an investment for life. You are able to hold a piece of land and call it your own while building its value over time.