Season is quickly approaching in Southwest Florida. For anyone not familiar, you think “season” might refer to one of the four seasons of weather that everyone around the world experiences, but for those who visit or live full time in Southwest Florida, it has a much different meaning.
Season refers to the busy season where we have an influx of part time residents and tourists during the winter months when everywhere else gets cold and the weather here stays warm. The busiest months of season are January through April, but as the population here grows, many seasonal residents are staying longer, or even becoming full-time residents.
If you are a seasonal resident of Southwest Florida, you may rent a property to stay in during the months you are down here. While renting may be convenient to rent for a short period of time, there are many benefits to buying a home over renting. Whether it’s investing in a second property or becoming a full-time resident of Southwest Florida, here are some of the benefits of buying a home in Southwest Florida over renting.
Investment & Value
The most obvious, and greatest benefit of owning a home is the investment and value.
Owning a home provides you with an asset and financial stability that you can’t find anywhere else. While you have to put forward more money up front, your monthly payments will be locked in and predictable for as long as 30 years with a mortgage, whereas renting gives you a sense of unpredictability after the length of your lease.
Additionally, your monthly mortgage could easily be the same as your monthly rent (if not cheaper), but you are getting a long-term value out of those payments that you aren’t with rent.
Your home, in many cases, will increase over time, so depending on how long you live there and the market value, it can be one of the best investments you can make and establish a financial foundation for you to sell or pass on to a future generation.
Increased Freedom & Privacy
In addition to financial incentives, the benefits of owning a home go beyond that, and have to do with your comfort in your space and your peace of mind.
When renting, you may have limitations on painting, alterations to the home, and modifications of any kind. If you’re going to be spending most of your time in this space, you want it to look the way that you want it. When you own a home, the sky is the limit to the updates you can make. You also have the privacy of knowing you don’t have any landlord or homeowner that can come check up on you, allowing you to feel fully comfortable in your own home.
Tax Benefits & Equity
Many expenses that come with owning a home – like property taxes, accounting costs, and interest – are tax-deductible. Whereas the money you would pay on monthly rent is not. The tax benefits of owning a home allow you to keep more of your hard-earned money. By owning a home, it also increases your net worth and provides you with the opportunity to leverage loans based on the equity you build up by consistently paying your mortgage.
Find Your Second Home in Estero or Bonita Springs
While there are many benefits to owning a home, the simplest one is self-explanatory – it’s yours! When you find a home you really love, you will want it to be yours, and to be able to live there for as long as possible.
By working with an Estero Realtor that specializes in buying and selling property in Southwest Florida, you can find the perfect home for you that is worth the investment. If you’re ready to get started a buy a home in Estero or Bonita Springs, contact Jay Montgomery today!