1. Owning a home yields a return on your investment. When you own a home, you not only get tax deductions, but your mortgage also can’t go up due to inflation or deflation. And you’re building equity, which means you’ll end up with more cash for retirement or a down payment on your next home when you sell.
2. Renting makes your landlord rich — not you. Homeowners are paying into a stable investment every month when they pay their mortgages. Renters are paying a mortgage, too, but they’re not getting any long-term benefits from it – the landlord is. Even worse, a landlord can increase your rent every year. When you consider their mortgages aren’t increasing every year, that means the money is going into their own pockets for their own financial gain.
3. Rent costs are up. Generally speaking, rent in sought after areas can be MASSIVE. You may have to consider living in another neighborhood or area to pay an affordable rental rate.
4. Owning a home offers stability. The tenant-landlord relationship is notoriously tricky. Landlords write the contract, name their price, and control pretty much everything about the place you call home. They can enter your home, hire their own repairmen, or even decide to sell the home… and there’s not a lot you can do about it. When you own, you have greater control over all of these things and have stability.
5. You typically can’t make a rental your own. One of the worst things about renting is that you often can’t do much to make the space yours — because it’s not. Painting, new flooring, even fixing drafty windows or getting new energy efficient appliances can be hard to get from a landlord. Depending on the rental agreement, you’re stuck with what’s there when you move in.
With rentals you compromise on many things like financial freedom, space, how many pets you can have, and even the number of cars you can have in your driveway. These can all be deal breakers for many families – which is why, for most, it’s better to own than rent.
If you’re thinking about buying a home, I can help! Just call or text me for a Home Buyer Consultation.
