Unless you are a college kid looking for a place to stay for a semester or two, you really shouldn’t be renting a home for yourself or your family. Unless you purchase a piece of Fort Myers real estate, you are merely throwing good money out the window. Let’s take a good look at why.
To begin, all the money that you are paying each month is going towards your landlord’s mortgage. That means you are not getting to take advantage of any of the home’s appreciation, regardless of any fixing-up you do around the property. On the other hand, if you own some real estate that goes up in value, it will be your pockets that grow fatter.
At the same time, if you are a renter who may want to freeze your monthly expenses at some point, you are out of luck. Only an owner can do so. Sure, there are a number of folks who bought homes for sale in Fort Myers that get adjustable interest rates. But these prices won’t skyrocket the same way that rent will. Think about it, how much would it cost these days to rent that apartment in Fort Myers that you were in 10 or 15 years ago?
Another issue is paying taxes to Uncle Sam. If you own a home, you can benefit from tax deductions that a renter cannot take advantage of. This can mean thousands of dollars in savings every year for a house, condo, or apartment that you own.
Of course, there are several other reasons that it is better to own a home than rent one. Want a big dog? Now you can buy one. If you don’t like the color of paint in your bedroom, you can simply repaint it. Don’t like that fountain in the front yard or the flower painting in the living room? Just throw it away and put up something better suited to your taste. Very few landlords would allow you enough freedom to make a personal statement. When it’s your home, you get to paint it whatever color you want and make any statements you desire.
The hardest part of buying a home is usually coming up with your down payment. Many individuals assume that they must have thousands sitting around, but all you need is a good credit score. The bank should give you one with zero money down, as long as you have a reliable job and finance. After all, many mortgage rates aren’t much more expensive than paying rent. Then the seller can always help out a little with the closing costs.
One piece of advice would be to move to the suburbs before purchasing a property. Whether you are in Hollywood, Manhattan, or Downtown Miami, you can certainly save a few bucks on housing. As long as you make smart decisions on today’s real estate market, buying a Fort Myers luxury home is much easier than you may imagine. Simply speak with a mortgage loan officer to figure out your options.
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.
