The real estate market has recovered quite well since the mortgage crisis and Great Recession of the late 2000s and early 2010s. Today, people of all ages are purchasing homes confidently and reaping the benefits of home ownership.
But what exactly are the benefits of home ownership? Why should a person consider purchasing a home instead of renting? Here are just a few of the top reasons to buy your own home, from an attorney practicing in landlord-tenant law in Miami, FL.
- Greater control: As the owner of your home, you have much more control over what you can do with the space, including making permanent changes and renovations. You can customize the space to fit your needs without having to seek the permission of a landlord. This comes in handy if you are interested in knocking down a wall or redoing a kitchen, which a landlord will most likely prohibit.
- Your money is going somewhere: Real estate is an investment in a number of senses, one of which being that by purchasing a home, your monthly mortgage payments are actually going somewhere. You are building equity, rather than lining the pockets of a landlord. It is a much smarter economic decision to make if you are interested in building your personal wealth.
- Tax deductions: There are a number of tax deductions available to homeowners that are not available for renters. You can deduct mortgage interest payments and points, as well as certain energy-efficient improvements and other types of work done on your home.
- Historically low prices: Right now, home prices and mortgage interest rates are around the lowest they’ve been in decades. While they have started to come up from their record lows of 2015 and 2016, they’re still hovering around historical lows that make now an excellent time to invest in real estate if you are interested in doing so. You can lock in low monthly payments and interest rates now, and you’ll be shielded very well against inflation.
- Second income: Another way real estate can be an investment is if you decide to rent out all or part of a home to a tenant. The money you earn in rent can cover the mortgage and more. Just make sure you are ready for the additional responsibility in your life of being a landlord.
- Your prices stay the same: Rent prices tend to go up every year, whether it’s just due to the landlord’s own needs or to keep up with inflation. Your mortgage price will stay the same forever once you’ve locked in—the only variable is your property taxes, which normally have very gradual changes.
These are just a few of the biggest examples of why homeownership is so beneficial, especially when compared to renting.
For more information about why you should consider investing in a property of your own, we encourage you to contact a lawyer practicing in landlord-tenant law in Miami, FL today with your questions. Ruben J. Padron, PA is your local expert in real estate law, so call today!
Categorised in: Landlord-Tenant Law