Looking to Rent or Buy in Oviedo?
If you live in the Oviedo or Winter Springs area and are thinking of buying a home, you may have some doubts as to whether buying is a good move.
It is not unusual to become comfortable with renting a home especially because you don’t have to worry about saving up a down payment or being committed to a home.
On the other side purchasing a home can be a big milestone for some and provide a sense of stability.
- One payment: Renters usually do not have to worry about paying taxes or home owners insurance. Some locations even combine utilities and Internet into one easy monthly bill.
- Less maintenance: It’s much easier to call the landlord when something breaks. While you have to maintain your personal items as well as basic upkeep, you don’t have to sweat the big stuff.
- Easier Process: The renting process is usually much easier because it usually just involves and application and credit check.
- Less financial burden: Although first, last and deposit can be significant, it’s much less than a down payment for a new home.
- No risk: After you are done with you lease term you are under no obligation to stay and are free to explore your options.
- Renovations: No need to worry about making upgrades or renovations to keep the property updated.
- Mobility: For those wanderers that don’t like to plant roots in an area, renting is a great opportunity to feel out an area and see if that’s a place you’d like to settle. If not, once your lease ends, you can move wherever you’d like without having to deal with selling.
Home Buying Pro’s
- Building Equity: When you become a homeowner, you start to build equity in your home. As you pay down your mortgage and a the value of your home appreciates, your home becomes and asset. Imagine paying $200,000 for a home and within a couple of years, the value of your home is $250,000. If the market is strong you also build equity through the appreciation of the homes value.
- Affordability: In this market, it is more affordable to own than rent. With a good credit score and a small down payment, you can be in a new home and paying a lower monthly payment than you would in a rental.
- Mortgage Interest: Currently, if you own your own home, you have the tax advantage of being able to deduct mortgage interest which lowers your income taxes.
- Customize: The fact that you own your home means that you can paint your living room a wild shade of pink if you choose. No more stark white walls, and pet restrictions. As long as you own it, you choose who lives with you, how you want to landscape the lawn, and more. (Check with your HOA for any external home decor limitations)
- Equity Line: When your home increases in value beyond the purchase price, that is money that you can use for other purposes such as adding room or paying college tuition. If you don’t take the equity out and it continues to grow, your home becomes a way to build wealth.
- You own your home: At the end of your 30 year mortgage you will own your home outright but until then it is still an asset.
- Payment: No one will be increasing your rent in a year. You’ll have a steady monthly payment and as you go through your mortgage, it will actually decrease as you pay down principal and interest.
- Pride in ownership: This is your home and research has shown that home ownership you have the opportunity to build ties within the community and be a proud homeowner.
- Save: Buying a home forces you to save for a down payment and closing costs.
If this isn’t enough and you need more to substantiate this, check out this article on 23 scientific reasons why home ownership is better than renting.
While buying a home is a big step, once home buyers make that leap, they realize that it’s more cost effective to buy instead of rent and they’ll have that equity and investment for their future.
These are just a few items to consider if you are thinking about renting or buying a home. Whether you are considering buying or selling, when you meet with us at Waypointe Realty, we take the time to go through the entire real estate process, the benefits of home ownership, and what the steps are to qualify for a loan. We value our clients and educating them is of utmost importance to make sure that our buyers feel comfortable and can take an objective look at your situation before you make a decision.
Ready to setup your COMPLIMENTARY BUYER’S CONSULTATION? Contact us today to schedule it.