It is smarter to buy Boynton Beach real estate than to rent. Let me explain why. Recent studies are showing that there are many benefits for both the owners and the community for owning your own home, including increased education for children, lower teenage pregnancy rate and a higher lifetime annual income for children. Besides these, below are some of the primary advantages of owning your own house.
For starters, there are the tax savings. Homeowners can be eligible for significant tax savings because you can deduct mortgage interest and property taxes from your federal income tax, as well as many states’ income taxes. This can be a considerable amount of money at first because the first few years of mortgage payments are made up mostly of interest and taxes.
Then there is debt consolidation. If you need to, you can refinance a mortgage loan to consolidate other debts. This is an opportunity that you don’t have if you are renting. Best of all, the interest on this is tax deductible.
Next, you have your equity. Instead of payments disappearing into someone else’s pocket, homeowners are building equity in their own home. This is often one of a person’s biggest investment assets. Each year that you own the home you pay more toward the principal, which is money you will get back when the home sells. It is like having a scheduled savings account that grows faster the longer you have it. If the property appreciates, and generally it does, it is like money in your pocket. And you are the one who gets to take advantage of that, not the landlord. You can then use this equity to plan for future goals like your child’s education or your retirement.
When you buy a home for sale in Boynton Beach, it is all yours. That means you are in control. You have the freedom to decorate it and landscape it any way you wish. You can have a pet or two. No one can pop in and inspect your home and threaten to evict you. Just make sure there are no condo commandos or home association brats who will complain about your landscaping style.
Even young folks, like college students out on their own, can often benefit from home ownership. It puts them ahead of other young people their age financially by helping with their credit and giving them what is often an excellent investment. Often a college student buying a home will rent the rooms out, and his or her roommates end up making the payments for the house. When the student is ready to move on, he or she can sell the home and hopefully making a profit, if not keep it as an investment and continue to rent it.
Buying a Boynton Beach luxury home is an important decision. It is often the largest purchase a person makes in his or her life. That is why you need to weigh the advantages and disadvantages for yourself before you jump into such a big investment.
About Berkshire Hathaway HomeServices Florida Realty:
Berkshire Hathaway HomeServices Florida Realty serves 19 counties throughout Florida with over 40 locations and approximately 1,800 Sales Professionals. The full-service brokerage company, founded in 1999, is a subsidiary of Lennar Corporation, a Fortune 500 company and is a franchise member of the Berkshire Hathaway HomeServices’ network, one of the few organizations entrusted to use the world-renowned Berkshire Hathaway name. The company offers residential and commercial services as well as seasonal rentals, property management, REO & Foreclosures, corporate relocations, referral services, title, home service plans, and personal concierge services. Berkshire Hathaway HomeServices Florida Realty ranks in the Top 10 in the network among 42,000 Sales Professionals, 1,200 offices throughout 47 states. The company is the overall No. 1 fundraiser for The Sunshine Kids Foundation, having generated more than $3.37 million since 2001. Visit www.BHHSFloridaRealty.com.
