July 31, 2021

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Mortgage News

Shirley Klein PA In Coral Springs: Why Rent When You Can Own A Home?

CORAL SPRINGS, FL – If you’re tired of renting in Coral Springs, you’re not alone.

According to the NerdWallet Homebuyer Report84 percent of Americans say home buying is a priority. An impressive 100 million Americans are ready or feel good about it.

If you’re still on the fence wondering whether to rent or buy, check out these top reasons to buy a home.

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Buying is cheaper than renting

You may not think it’s possible, but buying a home in Coral Springs will cost you less than renting it. Maybe not at first as you will need more money to complete the loan, but overall you will spend less buying a home than renting it.

Here’s why it can be cheaper.

The rent rises continuously. Once you’ve bought and secured a 30 year fixed price, your payment never changes unless you refinance. You don’t have to worry about rising housing costs and / or moving. According to TruliaHomeowners save 38% by buying a home compared to renting.

You earn equity (not your landlord)

When you rent in Coral Springs, fill your landlord’s pockets. Your rent covers the mortgage payment plus the money they receive. If you pay back their mortgage, they will earn equity on the home, not you. All the money you’ve spent on rent year after year leaves you with nothing but a house that doesn’t belong to you.

When you buy, you earn equity. Any money you put into your home is instant equity. Of course, when you pay back the mortgage, you earn equity, but as the home increases in value, your equity grows even faster.

You establish roots in your community

Renting is different from buying when it comes to establishing yourself in the community. When buying a home, you are less likely to move as often as renters. You’re also more invested in your community, which means you are likely to do more for the community and become a part of it.

When renting, it’s hard to feel like you belong knowing that if your lease expires in 12 months or less, you may move house.

The Coral Springs community is a great place to call home. There were many great activities for families and neighbors before Covid and we hope to have them again sooner rather than later.

You receive tax deductions

Tenants do not receive tax deductions for home ownership – they do not own a home. However, when you buy a home, you get multiple tax deductions. Some examples are the mortgage interest you paid, the origin points you paid on completion, and property taxes.

Why not get some cash back for the expenses you pay for? When you pay rent, the landlord gets the tax depreciation, also known as the lower tax bill, even though you are the one paying the bill.

Is It Time To Buy A Home?

If you are thinking about buying a home, now is the perfect time to do it. Interest rates are low, making it easier for first-time buyers to qualify for a loan. With low down payment programs like the FHA loan available, it is easy for anyone to become a homeowner today.

Save some cash on a down payment, make sure your credit is in good condition, and get today’s great prices and become a homeowner.

When it’s time to buy or sell, call the Klein team for that special “K” service.

The right brokers really make a difference!

Find out more about SHIRLEY KLEIN PA here: shirleyklein.com

Call: 954-448-9088