It should come as no surprise that the cost of living in Saint Petersburg is on the rise. The housing market is hot and people are moving to the city in droves! In a matter of two years, three large, luxury apartment buildings will be up and running, ushering even more people to downtown St Pete! With the continued growth and beautification of St Pete, rent is on the rise!
Most would assume with the rules of supply and demand that the cost of rent should decrease downtown due to the increase of available apartment units. This, however, is not the case. The apartment complexes that are newly complete or soon to be complete are allowing downtown St Pete to charge top dollar for luxury accommodations. The price of a one bedroom apartment in one of these apartments range from $1200-$2500 a month and the price of a two bedroom apartment ranges from $2100-$4200 a month.
A lot of people prefer renting single family homes or townhouses for privacy, space, or pet concerns. The rent is climbing higher and higher for single family homes and townhouses as well. A three bedroom, barely updated home near downtown St Pete will set you back around $2200 a month or more.
With prices like these, the cost of rent is often higher than the cost of owning a home! What are the advantages to owning a home rather than renting?
1.You Are Building Equity
When you are renting a property, you can essentially kiss that money goodbye. You will never see a dime of that money ever again. When you own a home and pay a monthly mortgage, you are building equity. Think of it like putting a small amount of each “rent” (mortgage payment) into savings. When you sell your home, as long as you sell it for more than you owe on your mortgage, you will get some money back. If you made a smart investment, you may even make money!
2. Tax Benefits
Homeowners are able to deduct the mortgage interest and property taxes when they file tax returns every year. In the state of Florida, homesteading is a huge tax advantage! You will have to pay all of the interest and taxes up front, but in the end think of it as a deduction from your mortgage payment; lowering the cost of owning a home even more!
3. You Can Do Whatever You Want With Your Home
This is one of the most exciting things about owning a home! You can paint the walls, change light fixtures, knock out walls, change flooring, add a fence, put in a pool, whatever you want! You no longer need a landlords permission for anything! If you are smart with the changes you make to your home while you are there, you may be able to make some money off of your home when it is time to sell!
4. Your Dog Will Be Happier
It’s true! You can fence in your yard, give Fido his own room, get more dogs, buy a large piece of land to play fetch on, let the dogs swim in the pool, whatever you want! You will not face breed restrictions or size restrictions and you can give Rover that pal he has always wanted. Basically, owning a home makes you a great pet parent!
5. Homeowners Are Happier
Homeowners are able to personalize their space to their individual taste which gives them a sense of belonging. In addition to a sense of belonging, owning a home makes a person feel more connected to the community. Studies have also found that people equate owning a home to the first sign of financial stability. Stability, security, and community lead to happier people. Plus, when your dog is happy, you’re happy!
6. Buying A Home Doesn’t Have To Be Stressful
When you have a full team of real estate experts behind you, your home buying experience will be smooth, seamless, and exciting! We work hard to ensure that every step of the process is easy. You will never be left in the dark and all of your questions will be answered in a timely manner. Our home buying experts are looking forward to meeting you and helping you find your dream home today!