Deciding whether you want to rent or buy property can be difficult. With so many factors to consider, where do you even start? Thinking about these ideas can help you figure out which option is best for you.
Why You Should Stop Renting and Buy Property: Build Wealth
When you buy property, you have the opportunity to build wealth. When you’re renting, your money simply goes to pay rent; besides getting a place to stay, you won’t ever get that money back. On the other hand, when you invest in property, even though you’ll have to make consistent payments on your mortgage each month, those payments will go towards owning your own property.
When you own your own property, you could even rent out rooms of the property while you are paying off your mortgage. In that position, you are making money off your tenants that you can invest in your mortgage payments.
When you buy a property or land, you become the owner and that brings more flexibility. Buying real estate comes with land rights to any valuable natural resources you find on the property. So, you will have the rights to use those resources at your discretion.
It also means that if you are interested in seriously altering or renovating your property, you can do that as long as you stay within building codes. Much of this flexibility would not be an option at all if you were only renting.
Why You Should Stop Renting and Buy Property: More Stability
In addition to having more flexibility with remodeling your home, buying your own property will allow you to have more financial stability. When you rent a property, the rent is frequently subject to change and often out of your control.
When you purchase a home, even though you will have to pay a mortgage payment every month, that mortgage payment can be established at a fixed rate ensuring that your rent costs will not fluctuate or significantly increase every year. You also have more control over your payment plan as you work towards fully paying off your home. Depending on your budget, you can choose how soon or far away you can pay it off.
Do you rent or do you buy? Answering this question for yourself is always difficult. But even though it can feel like a big change to consider buying your home, it really could be a great option for you.
If you’re interested in investing in real estate, join the SWFL REIA community to get lots of great tips!
See you at a meeting soon!
The Southwest Florida Real Estate Investment Association is the leading source of SWFL real estate investing events that provide investment education and networking in southwest Florida. We analyze the housing market and foreclosures and provide information, education and networking events in order to build a network and knowledge base for investors and potential investors. Our members include real estate agent, brokers, investors, hedge fund managers, rehabbers, wholesalers and more.
Our SWFL REIA General Meeting is held in Fort Myers where we provide education on hot topics in investing and an opportunity to enjoy the camaraderie of your fellow investors. You’ll get a chance to ask for advice from successful real estate professionals and even make a few deals on your latest projects.
To become a member, anyone can register as an individual, a couple, or a corporation. Being a member opens the doors for endless networking opportunities, advice from members with decades of experience, new ideas from entrepreneurs, camaraderie with those just beginning, and deals and contracts done in the meeting room. For those interested in Cape Coral rental property investment and/or Fort Myers rental property investment, SWFL REIA will be able to provide a network to help launch a successful investment career.
The SWFL REIA is known and respected as a source of current, actionable and useful information about the housing market in the area that we meet.
We meet twice a month.
One of the premier sources for real estate investing networking and education is the SWFL REIA. In the real estate world, the SWFL REIA is different in that they do not do information product sales. Their meetings are focusing on the best ways of investing in real estate by collaborating with other property investors who are sharing their experiences.
We look forward to meeting you at a meeting soon!
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