Financial Reasons to Buy!
If you have been renting because buying a home seems like too much of a financial commitment, it is time to adjust your thinking! Renting actually costs you more money in the long run. It's time to take the plunge and Buy! Need more convincing? Here are the main reasons why buying your first Tampa home makes more financial sense then signing another lease this spring.
As a renter, you are spending money that is not building you any equity. In fact, you are helping build equity for your landlord. Keep that money in your own pocket! While the down payment and mortgage might seem like a lot of money from the outset, you are building equity for yourself as soon as you purchase your first home. According to Pulsenomics, home values should appreciate 3.35% yearly and 24.34% cumulatively over the next 5 years. That makes buying an incredible Investment. And, unlike other investments, such as stocks, a home is something that you use every single day. Along with Tax Savings that home ownership opens you up to, home ownership is also a form of Forced Savings. These savings translate into a greater net worth. The Federal Reserve has found that the net worth of home owners is 44x greater than renters!
Having a mortgage also locks in your Housing Costs. As a renter, your monthly costs can alter every time your lease is up. With a mortgage, you know exactly what you need to pay every month for a set number of years. This offers you better opportunities to budget and save. One final reason to buy instead of rent.....it is Cheaper! It's true! According to data collected by Zillow Research, 28.9% of income goes towards median housing costs for renters as opposed to only 15.7% of income going to housing costs for homeowners!
Invest in your future! It's time to BUY your dream home! Contact the Sper Group to get started. Begin your search on our Homes for Sale! Give our team a call today at (813) 760-2002 or visit our website at http://www.thespergroup.com/.