-4 Financial Perks for Tampa Homeownership-
With rental rates rising and home values soaring across Tampa Bay, there has never been a better time to be a homeowner. Sure, there have always been financial perks for Tampa homeownership, but the benefits have increased for Florida homeowners in 2022.
As we mark National Homeownership Month this June, our professional real estate team is taking a closer look at why it is prime time to own a home.
Here are financial incentives for Tampa homeownership:
- First, you will stop throwing away money on rental costs. Tampa Bay’s local news and many government officials have declared a housing crisis in terms of affordable rent across our area. Apartment complexes and property managers have raised rates across Hillsborough, Pinellas, and Pasco counties. Also, there have been many out-of-state real estate investors buying up homes at record rates, which are in-turn rented at record-high prices. Fantastic profits for investors, but a financial drain for renters and non-homeowners.
- Second, you will begin building wealth. Home values have been rising in Florida and across the Tampa Bay area, meaning you could have an opportunity to accumulate quick equity when buying a home at a fair price. That equity would be in addition to future years of annual increases in value and appreciation. Also, for those with a mortgage, each dollar you pay will be an investment into your future wealth.
- Third, you could still lock-in an affordable interest rate. Soaring inflation and a hot real estate market are fueling interest rate increases. The Federal Reserve increased rates in May, but additional increases are forecasted for the coming months. Now could be your best opportunity to get pre-approved for a 30-year or 15-year fixed rate at today’s still reasonable rates. This means never again worrying about a landlord raising your rental costs. Best of all, you could also enjoy tax benefits by writing-off your mortgage-interest deductions.
- Fourth, Tampa Bay is a great place to stay. Ranked as a top housing market among the nation’s metro areas, the Tampa Bay region boasts affordability and job growth opportunities. Tampa Bay’s communities range from scenic suburbs to sensational city life for any budget. When living in a thriving region like Tampa Bay, you can fill up the gas tank less often because there are always nearby options for shopping, dining, beaches, and entertainment. Locals often eliminate costs for vacation travel because we can enjoy a staycation right here at home. Whether you are a retired senior or a millennial with children, Tampa is a place where people come to stay and enjoy a solid foundation.
We hope you celebrate National Homeownership Month by pursuing the American dream of owning your own home. Our team offers booklets with the names of service providers recommended by satisfied customers. These valuable books of insights could help you – before, during, and after your move in 2022.
Contact Dick and Karla Nielsen at 813-294-5786 for advice on Tampa Homeownership, Downsizing, Buying, Investing, or Selling properties in Florida.