Life in Florida is a unique experience. The Sunshine State is closer to the equator than most states, so warm weather is a year-round element. Many people spend their vacations in the area, so the tourism industry thrives and presents many career opportunities. Taxes are also relatively low in Florida, so your money goes further whether you are a retiree or a young professional.
If you live in Florida, you need a place to call home. Many choose to rent apartments, homes, or townhomes to avoid the long-term commitment of a mortgage. However, there are significant benefits to buying a house.
Spending money on a home is a massive investment, so let’s talk about why it is worth buying a home in Florida.
Building Equity
One primary obstacle to homeownership is the price. Most people do not have the cash to cover an average purchase price for a home. Fortunately, home loans are an option that allows you to borrow enough money to cover a home’s sale price. One of the most common mortgage products is conventional loans in Florida. If you do not qualify for these traditional mortgages, there are also government-backed FHA, USDA, or VA loans. Once you have a mortgage, every monthly payment increases your equity in the home, which is the difference between the home’s actual value and the principal amount owed on your loan. As equity increases, you can use it to borrow home equity loans or make a profit when you sell the house. It sure beats rental payments that disappear into a landlord’s pocket forever.
Managing the Climate
Florida is pretty warm and humid. Some people are not built for the heat, but that should not exclude them from living in the Sunshine State. If you live in an apartment or other rental, your ability to cool down is at the mercy of the property owner. When you own a home, you can make whatever changes are needed for climate control. If that means installing a better air conditioning system, you can do that. If you understand basic pool safety, you could also put in a pool to cool down on hot days. If you end up needing some heat, you have the freedom to install whatever HVAC systems you want if you own the home.
Flexibility
Whatever living space you choose, it is unlikely to be perfect right off the bat. There may be some projects you would like to see happen. With a rental, you would need approval from the property owner to tackle projects, so they would probably focus on their own preferences rather than yours. Owning a home gives you flexibility in what it looks like and what it can do. You can turn a bedroom into a home office or convert an unused space into a playroom for the kids. If the yard could use shade, you can plant a tree as long as you don’t break any HOA rules. When the yard needs some color, you can design a lush and thriving garden. Investing in upgrades is one of the great privileges of owning your home in Florida. If you’re considering relocating or need help with moving, a moving company in Boynton Beach can assist with a smooth transition to your new home.
No Income Taxes
This is more of an argument for moving to Florida in general. Many states have income taxes that take more of your salary and give it to the state or local government. Florida has no such tax. That means the money you earn can go further, and it may be easier to save up for a down payment and afford mortgage premiums. Although the cost of living in Florida is slightly more expensive than in many states, the lack of an income tax can compensate for that gap.
Rental Possibilities
Florida is a highly-coveted location for vacationers and tourists. If you own a home in a popular area like Miami or Orlando, you could turn your home into an income stream. People will pay decent money for a short-term vacation rental, especially with services like Airbnb. Someday, if you want to buy a second home, you could turn your first home into a full-time rental. The rental market throughout Florida is robust, especially among the younger generations, so you can maintain a low vacancy rate and make consistent money from rental payments.
Make Your Home in the Sunshine State
There are plenty of reasons to live in Florida, no matter your living space situation. However, when you consider the benefits of homeownership, buying a house becomes a no-brainer if you can afford it. Each mortgage payment will increase your equity in the property. The ability to make improvements will help you manage the warmer climate and design the property you want. Since Florida is an excellent place for tourism and young professionals, you could use part of your house or all of it for rental income in the right markets. When you consider all this information, your decision to buy a home will positively impact your life.