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Owning vs. Renting: Is Buying a Home the Better Choice?

Thu, Nov 03, 2022 at 3:25PM

Owning vs. Renting: Is Buying a Home the Better Choice?

If you don’t own your own home, it may be a good time to consider buying Leesburg, Florida, real estate. When you own a house, you’ll discover that you have advantages that just aren’t available to you as a renter. Before you sign a new lease, consider the reasons you might want to become a homeowner instead. 

Buying Leesburg, Florida, Real Estate Will Help You Save Money

When you buy a home, your mortgage payment will usually be lower than the amount you would otherwise pay in rent. Even when you include property taxes and insurance premiums, you’ll still be saving a substantial amount of money each month. This will leave you with more disposable cash for building up a savings account or making future plans for your family.

Build More Personal Wealth

As you pay back your home loan, you’ll gradually build equity in your home. Equity is the difference between the current value of your home and the amount you still owe to your mortgage lender. As you build more equity, you can use it to pay for household emergencies or finance loans for other purposes.

If you decide to sell your home, a large amount of equity will make it easier for you to upgrade to a larger home. Since you’ll owe less to the lender, you can use more of the money from the sale as a down payment on the next house you’ll buy.

Live by Your Own Rules

Once you live in your own home, you can set your own guidelines for living on the property. The only restrictions you might face are those imposed by a homeowner’s association. Otherwise, decisions like how many pets you’ll own, where you can park your vehicles, or when you will paint your walls are left up to you.

Enjoy Better Financial Stability

As you consider looking at homes for sale in Leesburg, Florida, keep in mind that you’ll have more stability. Even during a period of inflation, your fixed-rate loan will remain constant. This will help you avoid increased expenses, whereas if you rent, you may have a landlord subjecting you to regular rent increases.

Experience More Privacy and Security

When you rent, you subject yourself to interruptions such as inspections and maintenance, even though you may be given advance notice. But when you buy a home, you can trust that you can enjoy privacy without these intrusions.

You also have the freedom to install security equipment to make your home safer against invasions or burglaries, whereas such modifications may not be allowed as a renter. 

Explore Your Options

If you haven’t considered buying a house due to the upfront costs, consider exploring the government programs available to you. A real estate agent can help you discover programs that will allow you to borrow without a large down payment. These programs will provide other favorable borrowing terms that will make it easier for you to buy a home.

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