“Is buying a home better than renting?” This has been an age-old question when it comes to property. While either option has its share of pros and cons, we believe owning a home is the more sensible choice. In this article, we’ll discuss why, even at this time, it’s better to buy a home in Orange County than to rent.
- Owning a home lets you build wealth
One of the great things about owning property is that the value appreciates over time. Eric Rosenberg, a contributor for Business Insider, says homebuying was one his smartest financial decisions. He said that in just 14 months, he was able to sell one of his homes after its value rose 20%, resulting in him cashing out $10,000 in profit over what they paid. Compounding this with the high demand of real estate in Orange County, you can sell your house and turn up a profit, allowing you to also buy a bigger and better house in the future.
- Owning a home means tax breaks and psychic perks
Being able to live rent- or mortgage-free is a dream many of us strive for. Achieving this allows us to gain more financial freedom. At the end of the day, renters will have nothing to show for the thousands of dollars they pay for rent year in and year out in Orange County. While homeowners may end up paying more in mortgage payments, owning a home comes with other benefits like tax exemptions, stability and control, and fostering a stronger sense of community.
- Owning a home gives you the opportunity to generate passive income
While you can buy real estate in Orange County as your personal place of residence, you can also consider renting it out seasonally or opt to do so on a full-time basis. Or you can purchase a separate investment property in Orange County to do the same. You can also opt to rent out to longer-term tenants. Given the high demand of those who want to reside in Orange County compared to other communities, this guarantees you will likely find a tenant willing to rent your property.
- Owning a home gives you the freedom to increase its value
Most properties for rent tend to have restrictions when it comes to remodeling and renovations, and you would be truly lucky to find property for rent that allows that. When you own a home, however, you can remodel your space to fit your taste and needs. Owning your home also allows you to install home upgrades you won’t be able to add in rented property. With remodeling and upgrades to your home, you can increase the value of your home when you decide to move on and sell it.
Own a home in Orange County with the expert help of Robyn Robinson
If you’re interested in buying or selling luxury Orange County real estate, it’s best to work with an established Realtor. Meet Robyn Robinson, an expert Realtor catering to communities in South Orange County. With over $1 billion in sales and experience spanning over 3 decades, Robyn has helped countless clients sell and purchase homes. She can help you find the ideal home tailored to your needs.
Contact Robyn Robinson today at 949.295.5676 or send her an email here for more information on luxury homes in South Orange County.