Buying Orlando Property VS. Renting
Should you consider Buying Orlando Property or keep renting?
The National Association of Realtors statistics show that since 1981, 40% of home sales were first time home buyers.
In a recent 2014 survey, the rate for first time home buyers has dropped to the lowest level of 33%. The biggest reason for less first time home buyers is due to the lack of sufficient funds needed for buying Orlando property.
High loan debt, rising rents, and a weak job market makes it more difficult for renters to consider buying Orlando property.
In addition, many home values have decreased making it more difficult for parents to use their home equity to help their children with buying Orlando property.
Benefits of Buying Orlando Property
Home ownership can have many benefits.
- A place to call your own and the ability to personalize the property. You can paint they colors you want, or change out or remodel.
- No more apartment living. With home ownership, you can have your own yard. Having your own green space is peaceful and relaxing.
- Mortgage Interest and Property Taxes are tax deductible, rental payments are not tax deductible.
- Grow equity through paying your mortgage payment. Rental payments only help the landlords investment.
- Buying Orlando property means that your home investment can appreciate in value over time.
- There are no capital gains tax on your selling property as a primary residence up to $250 if single, and $500 if married. So that portion of your profit is not taxed.
Understanding the Process of Buying Orlando Property
Of renters surveyed, 20% will continue to rent due to financial constraints. Renters indicate they cannot afford the purchase price or maintanence of the property. I was surprised to see one of the top ten reasons to continue renting, and not buying Orlando property. The reason given was that renters deemed the real estate buying transaction too complicated.
We make home buying simple and uncomplicated. Call us 407-539-1053. Home buying is our specialty. Let us help determine if buying Orlando property is right for you.
We help home buyers understand loan options, financial obligations, home inventory, the home buying process, negotiations, and tips for ongoing property considerations after closing. If you want to buy a home, but not sure your options, contact Buyers Broker of Florida. We would be glad to help you.