There are many reasons why consumers decide to buy their own home instead of renting. Of course many factors such as housing market, whether you have a high or low interest rate, and personal timing go into account, but below are a few financial positives of being a home owner.
- Owning your home forces you to save. Paying your mortgage and building equity in your home forces you to save money.
- Owning your home allows you to save on taxes.
- If you own your home, your monthly housing expenses are locked in through a consistent monthly payment based on your interest rate. If you were to rent, depending on your agreement your payment could be raised by a landlord.
- In most parts of the country renting is more costly than owning your own home. Getting a low interest rate allows your mortgage payments to cost less than what some landlords would be charging. Local real estate markets in Lee County and Collier County are part of this trend.
- This is the only investment you can make financially that will have increased personal connection. What other investment will you make that you will live inside of other than your primary residence? Building equity in your home while creating life long memories doubles the benefits.
