Renting a home isn’t that different from owning.
If you are renting a house, you may already feel like a homeowner by making routine repairs, gardening, or cleaning the gutters. There is one fundamental difference.
Unlike equity built with each monthly mortgage payment, the rent you are paying is producing zero future financial benefit. In fact you are essentially paying the landlord’s mortgage and likely additional utility costs. Since historically, most homes may increase in value over the long term, a home provides not only a place to live but may also provide return on your original investment.
Stay tuned for Part 4.
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The tax benefits derived from purchasing a home take too long to offset other costs involved.
Tax write-offs of mortgage interest can be among the biggest financial benefits of home ownership. But some question whether this benefit is really great enough to offset the “big picture” cost of ownership. Homes typically appreciate in value over time. That is why you may want to evaluate carefully how long you expect to stay in your new home. If you acnticipate staying for several years, the scales should tip in your favor and the value of your financial gain from home ownership is likely to outweight those initial costs to get in the door.
Stay tuned for Part 3.
Feel free to contact us in the form below if you have any questions or comments or are interested in purchasing a home in Tampa Bay:
Renting versus Buying In Tampa Bay Florida
With decreasing U.S. home prices, this question is no doubt running through the minds of many. The decision to rent an apartment, condo, or house, as opposed to buying, is complex and one that should be taken into great consideration.
There are many misconceptions when weighing the option to rent or buy. One of the biggest may be the notion that renting is simpler. When the refrigerator is a rental needs to be repaired, it is usually the landlord’s responsibility but when new homeowners buy a home the responsibility is theirs. Stating that renting is the “simpler” choice takes a narrow view on the issues that go into the buy-versus-rent decision.
In our four-part series we will post a few others.
Stay tuned for Part 2.
Feel free to contact us in the form below if you have any questions or comments or are interested in purchasing a home in Tampa Bay:
Tampa, Florida Home Sales Statistics for August 2009
Someone asked us for Tampa, Florida home sales statistics for single-family homes.
For August 2009 in Hillsborough and Pinellas Counties there were 14, 142 single-family homes for sale. Out of these single-family homes for sale, 1,579 sold and 2,500 were pended.
Here is a graph which shows this data:
Tampa Florida Real Estate Sales August 2009
If you would like more information about the Tampa, Florida real estate feel free to contact us.
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