Many people get sick of renting because they are sick of paying money every month and they have nothing to show for it. There are many advantages to owning instead of renting.
Stop Paying Your Landlord's Mortgage
Your landlord usually decides how much rent to charge based on his own personal monthly mortgage. For example, he may pay $1000 a month for his mortgage, but charge you $1200 a month for your rent. Why should you be paying his mortgage when, for the same amount of money, you could have a house?
The IRS allows you to deduct the interest you pay on your home mortgage as well as the property taxes you pay. There are also significant tax advantages when you sell your home, providing certain requirements are met.
Although the market's prices are constantly changing, property value does tend to rise over time. If you purchase a property for $150,000, in a year it might be worth $155,000. That difference in value is called appreciation. And, if this instance was real, you would have just made $5,000.
The bottom line is, if you are renting, you are probably paying someone else's mortgage There are many advantages to owning your own home and at the end of the day you'll have something to show for the mortgage payments you make.
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