We encourage our readers to realize why real estate is such a valuable asset. It is the place you call “home” whether it is a rental or you own the home yourself. As previous blogs have emphasized in the past, the real estate market is changing. We are stabilizing out here in Tampa Bay and before prices start going to high we would like to review the top reasons why the majority of America still prefers owning their home over renting a property.
It can be a large misconception that owning a home is more expensive than renting a property. In today’s market where many renters are looking for the best properties for their money it is a very competitive market, driving rental prices up. In over 71% of America’s larger cities owning is cheaper than renting a comparable home. Looking in Tampa, you can rent a two bedrooms, two bath, and 1000 sq foot condo near Brandon/Tampa line for about $950-$1000 a month. If you wanted to own a brand new 1250 square foot townhome with two bedrooms and two and a half baths, you could pay as little as $850 a month (including taxes, insurance, and HOA dues). That is a huge difference!
If you are looking for the extra savings in taxes, real estate is also a great investment. Whether it’s a home you live in or a property to rent out and deduct expenses, tax benefits are a great reason to own. When looking at real estate long term, you need to consider the equity your home can build for you. Knowing you have a sound investment that will build over time.
After all of the financial benefits listed above, it’s important to point out that not all benefits are defined by a dollar amount, stability and security is a huge part of owning a home. Knowing that you have a place to call home can be one of the best reasons to purchase a property. When you own, you have the opportunity to decorate and transform into your own space. You will not need to worry about rent rates increasing unexpectedly, or relying on an owner’s approval to continue your stay. You get the full satisfaction of knowing where you will sleep and share good times with family and friends.
Most of the bullet points we compiled for this blog was inspired by
Realty Times. Although savings, tax breaks, and security are great benefits to owning your own home, they only represent a small portion of the advantages to home ownership. Prices are still low, interest rates are historically low, and it is less expensive to own a home in Tampa than rent a comparable property. What are you waiting for, if you are still renting and you have resources to buy a home, call
SI Real Estate to get some more information. We are experience professionals who want to help you accomplish your real estate goals. We can be reached at 813.631.5144 or email us at
Yourhome@SIRealEstateInvestments.com.
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