One more reason to buy a home… Cheaper to buy a home than rent! When the real estate bubble burst, millions of Americans, many right here in Central Florida, found themselves out of their homes, but still needing a roof over their heads. They became renters. And then, in perfect accord with the laws of supply and demand, rents began to rise. Now as many as 3 million former homeowners are expected to rebound and become homeowners again within the next five years. In the meantime, investment property owners in many areas can almost name their rental rates – so they do.
- Right now, you are buying a house – but it’s for your landlord.
- You’re not building any equity.
- You’re not getting any Federal income tax deductions for your housing expense.
- You’re not putting down any roots.
- Your landlord could decide not to renew your lease at any time.
- Your landlord could fail to make his or her payments – and “your” house or apartment could be foreclosed upon.
- You need permission to paint a room or hang a picture. In fact, you can’t do much of anything to personalize your space.
- You need permission to own a dog or a cat – or to plant a garden.
- Every year you wait rents will go up and home prices will go up. And one of these days – interest rates will go up.