The cost of rent is on the rise. And with interest rates so low, the monthly cost of owning a home vs. renting is less in many markets, making homeownership more affordable!

1. Advantages of Owning vs. Renting a Home

There are lots of benefits of buying a home vs. renting, and if you’re renting currently, you aren’t the only one with questions about this decision.

Tax Benefits of Buying a Home

Deductions can save you money and reduce your taxes! You should contact a tax professional for more specifics, but you can write off mortgage interest and property taxes, plus other expenses, to name just a few.

Homebuyers Holding Home Keys

Personalization

You can pick your design preferences without asking for permission from your landlord.

Do you want an orange accent wall? No problem! Feel like changing the carpet? It’s your house!

Privacy

Apartments have shared walls, which can lead to overheard conversations, loud foot-traffic, and more overall noise. When you own a home, you get more of a community feel with neighbors you can meet on your terms build lasting friendships with.

Outdoor Space/Yard

With your own private backyard, you have room for not only pets but also for entertaining. Think fire pits, pergolas, and pool—next-level entertaining!

Monthly Payments

Rent payments tend to rise constantly, but a fixed-mortgage payment doesn’t! The principle and the interest portion are locked in for the life of the loan.

Freedom With Moving

Landlords want you out at the end of your lease with no wiggle room. With a home, you can take your time or move it all in a day!

 

Homeowners Dancing by Moving Boxes

Parking

Many apartment complexes don’t have assigned parking, so you might come home and find all the spots near your unit taken! Nobody wants to walk far with bags full of groceries.

2. Common Myths About Buying a Home

There is a lot of misinformation out there about what it takes to buy a home. Hear from New Home Consultant Chris Prado on his top reasons for buying instead of renting.

3. Benefits of Buying a Home Now

The benefits of buying a home—especially the financial benefits—are abundant.

Interest Rates

Low interest rate + lower mortgage payment = more buying power. Check out what a difference a small increase in an interest rate can do to your monthly payment.

Accumulate Wealth

Buying a home is the largest financial investment instrument people will have in their lives. It’s the way buyers build wealth.

Home Exterior

Start Building Equity ASAP

While home values rise, so does the financial portfolio of homeowners. With appreciation, the longer you own your home the more it’s worth (4-5% per year on average).

Building equity is like paying yourself, and you get the money back when you sell. Your monthly rent is padding your landlords’ account, so pay yourself instead!

4. What You Get With M/I Homes

In addition to the numerous benefits of owning vs. renting, owning a new construction home brings even more benefits. At M/I Homes we like to say, “Welcome to Better,” and we mean it. Here are a few ways we show it:

  • M/I Homes’ industry leading warranty – From our 1-year ceiling-to-floor coverage to our Industry Leading 15-Year Transferable Structural Warranty, we take the worry out of homeownership.
  • Whole Home Building Standards/HERS – We use the latest techniques and build to our own building standards that improve upon standard code to deliver our buyers a more efficient home.
  • Energy Star® – It’s more than just great for the environment—it means a lower cost of ownership on monthly energy bills.

Home Entertaining in Backyard

As you compare the pros and cons of renting vs. owning, I think you’ll find the benefits of buying a home outweigh those of renting. Real estate is a solid investment, and now is the time to jump in and get started.

No question is a stupid question! Contact me today to sit down with our experts and ask your questions or to just to talk about your options.
*This information is specific to the Orlando, FL region and is subject to change.



Author

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Aisha Coleman

Have questions about interior design? Looking to take on a DIY home project? Interested in discovering new things to do in your hometown? Ready to learn about the new home construction process? Aisha can help! With over a decade of experience in her role as Internet Sales Manager in M/I Homes of Orlando, Aisha's ready to share a wealth of knowledge on all these topics and more. You can trust Aisha's insights as she is a Florida local and enjoys spending time with family by either traveling or relaxing at one of Florida's many beaches.