Monthly payment is fixed.
Nowadays, monthly payments are fixed for the duration of most mortgages, though it can be lowered in some cases. This year, in Miami, the demand is so strong compared to the supply that rental prices are skyrocketing, and it is commun to see landlords trying to raise the rent of their tenants 30%, 40% !! This current situation is challenging for most Miami locals and a big part of them are getting priced out from paradise.
Peace of Mind.
Owning your home can give you a sense of stability. You know how much your monthly payments will be long term, so you won’t be at the mercy of unpredictable landlords not renewing your lease and you won’t need to go under the stress such a situation can cause (Finding another place you like quickly, moving etc…)
Creative freedom.
When you own your home, you can make improvements, remodel the kitchen, install window treatments, install a swimming pool. This kind of freedom is almost never afforded to people who rent. When you own your property, you can improve it, fix everything that need to be fixed. When you own, you can make it HOME, make it comfortable for you, without thinking “Oh, that’s not my home, I am not going to spend money to improve it”. All improvements you make might increase the value of your home, so you might sell for more dollars and faster if you decide to do so.
Privacy.
Don’t underestimate how disturbing it can be when a landlord needs to access the property. For example, this can occur if your landlord decide to sell. You must then give access to the property so it can be shown to prospective buyers. This can become a real nightmare (answer to all showing requests, make yourself available to show the property etc…). Under some other circumstances, your landlord might access the property (Read Landlord’s access to premises chapter of your lease agreement). As a tenant in Florida, it is illegal to replace the main door lock without landlord’s approval. Landlord must keep a key to access the unit in case of an emergency. Also, tenant should not unreasonably withhold consent to the landlord to enter the unit from time to time in order to inspect the unit.
Building equity.
Owning is a source of financial security. Once you pay off the mortgage and own your home, you’ll have a valuable asset in your portfolio.
Up-front costs.
While buying a house offers some financial advantages, there are also some disadvantages to choosing to buy a house instead of renting. There are three different types of costs related to buying a house: upfront costs, recurring costs, and one-time costs.
Some up-front costs include down payments, appraisals, inspections, property taxes, and homeowner’s insurance, which some lenders require even though it is not always mandatory in Florida.
Flexibility.
Owning a home means it is more difficult to just pack your bags and go travel the world (You can still rent it out though). Also, you’re responsible for all maintenance and repairs. On average, homeowners spend about 1% of the value of their homes on repair and maintenance every year.
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