What are the benefits of buying a home in Tampa Bay?

Have you thought about renting versus buying and not sure if you want to go into debt for a new home?  There are some crucial benefits to buying a home versus renting and today I am going to outline 5 good reasons why buying is better if you know you'll be staying in the area for at least 2yrs. 

1.  Building equity. Tampa is a rapidly expanding area and with that home prices continue to appreciate in value.   Every rent payment helps pay down your landlords mortgage (i.e. building their equity), while every mortgage payment builds toward your equity.  If you work towards lowering your debt, while the home increases in value due to market conditions, you are improving your net worth with minimal effort.

2. Many homeowners are finding their home to be a financial cushion. As home prices increase there is money in your home that can be taken out on a HELOC or cash out REFI for home improvements, debt repayment, medical expenses, or even your college education.

3. Purchasing a home in many cases is LESS EXPENSIVE than renting!  We can help you determine what price point makes more sense to buy than rent.  Many buyers are saving thousands a year by purchasing a home and doing minor upgrades.  They now hold this equity at a lower price per month than renting. 

4.  There are tax benefits of being a home owner.  I am not a tax professional and always advise to talk to a tax professional but some items that you want to ask about is deducting mortgage interest and property taxes from your taxable income.  Also, after 2 years the benefits of tax free capital gains on all or a portion of your increased value.
If you need a recommendation for a tax consultant please let me know. 

5. Stability!! Most importantly buying a home gives you and your family stability.  Getting a fixed mortgage rate levels your payments, you will never have to deal with a rent increase again regardless of inflation.  People that bought 10years ago many have payments in the $800-900/month range!  Besides monetary stability, it also gives you security that your landlord won't present you with the idea they are ready to sell and you must move out.  You have security and choice in your home of how long you want to stay.

We have some great lender referral partners if you would like to find out how much you can be preapproved to buy in Tampa Bay!  Please reach out to me and I will put you in touch with someone I trust.

If you are thinking about buying, I would love the opportunity to sit down with you and discuss how we can help.   As a top Tampa Realtor, we’ve helped hundreds of families through the buying process and look forward to helping you too! We help minimize the stress with our systems and look forward to helping you find your dream home.  There is no joy like seeing our clients find a home they love (it’s one of my favorite parts of my job).  If you are thinking about selling in Tampa Bay, please give me a call 813-758-3063.  Also, if you are not local to Tampa but would like some advice, I'm happy to chat and can potentially help team you up with one of my RE/MAX trusted referral partners in your area.

Alison Connors - RE/MAX Action First 813-758-3063