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Buying vs Renting a home: Why is it better to buy than to rent?

Posted by newhousesmiami on June 2, 2020
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Advantages of buying a a new home vs renting it

Are you ready to take roots? If so, do you have doubts about whether it is better to buy or rent a house? Certainly, you will find opposing opinions about buying vs renting a home. In the following article, we will reveal to you why it is better to own a home.

To buy or to rent a house?

When thinking about buying vs renting a home, you will most of the times, decide to purchase it. But some think that it carries many costs, which makes the option of renting it more profitable. To be a homeowner, you must consider, in addition to the value of the home, costs inherent in the purchase. Like, the interest rates on the mortgage or the taxes that you will pay to the State.

5 reasons to buy a house instead of renting it

Those who think that renting is better than owning a house is because they do not know the advantages of buying vs renting a home. 

1. Buying a house is less expensive than renting

At a simple glance, the monthly expenses on renting a house are less than if you make mortgage payments for buying it. However, in the medium or long term, buying a home is less expensive. Among other reasons, the owned property will most likely increase in value and you can eventually sell it and make profit out of it. That is, while you pay the mortgage, in the end, you will have accumulated capital. When you pay rent for a house, you are helping to build the owner’s wealth. That money never returns to your pockets. Otherwise, you could invest it in your business. 

2. Owning a house gives you privacy

When you rent a house to live, owners have the right to make regular inspections to the property. They do it to verify if it is necessary to make some repairs to the house. In some ways, this will always make you feel uncomfortable and that your privacy is being violated. If you are a homeowner, you will not have this problem, since you reserve the right of admission to it.

3. When you buy a house you get stability

Another factor that adds discomfort is having to change schools for your children every time the owner requests to withdraw the rental agreement. So, between buying vs renting a home, decide for the first. Also, it is good if you and your partner are older adults who want to spend the rest of their lives in peace. In any case, owning a home provides stability.

4. Buying a new home forces you to save

Having to reserve the payment of the mortgage installments, in a certain sense, is an obligatory saving. You could spend that money in for superfluous purchases, instead of paying the mortgage of a property that will be yours. Besides, you will save on the tax deductions you will have for owning a home. Not counting other deductions, such as interests.

5. You can rent your house out!

This is one of the exclusive benefits of owning a house. Your can rent your property and have it pay for itself. Among some of the common ways to do this are:

  • Cede the administration of the property to the builder, so he rents it and guarantees your profits.
  • Partial delivery system to rent it on vacation.
  • Rent it for longer periods (1 to 2 years).

Get ready to purchase your new home in Miami!

For all the above reasons, buying vs renting a home in Miami is the best decision. Take advantage of the fact that there are many new homes being built in the city and the interest rates are relatively low at the present moment. Also, currently, the real estate market that offers greater stability is in South Florida, being a tourist destination per excellence. We advise you to acquire the home of your dreams in Miami.

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