Still renting? Well, you must have a good reason for doing so. Although we aren’t quite sure what it is.
With renting rates continuing to rise across the nation and interest rates at historic lows, it makes total sense to take that leap into homeownership.
Of course, maybe you enjoy renting or perhaps you aren’t fully aware of the benefits of owning a home. We can help. William Raveis Real Estate, your real estate agency serving Bath, offers reasons you should stop renting and buy a house already.
You’re Throwing Money Away
The money you pay for rent each month basically lines the pockets of your landlord. Yes, your landlord is making money off of you. Rather than pay your landlord’s mortgage each month, you could be investing in your very own home.
Take Back Control
When you are renting an apartment or house, your landlord is basically the one who decides what the place looks like. Some landlords are pretty strict about this and will forbid you to make any small changes.
This means that even if you despise the color of the bedroom walls, there is nothing you can do about it.
But you can free yourself from these restrictions when you buy a home. If you want an orange and lime green kitchen, you can have an orange and lime green kitchen.
Your landlord determines the amount of money you pay for rent each month. And they can decide to raise the rent whenever they want. You can fully expect your rent to go up at some point.
But if you buy a house, you will have a mortgage payment that will stay relatively the same over the years. At the very least, you won’t have to worry about a rent increase. Owning a home will give you stability in your payments.
There are good landlords and there are bad landlords. And even if you love the house or apartment you are renting, you might dislike the landlord.
Perhaps there are unannounced inspections or repairs that need to be made, this can be very frustrating for renters.
When you own a home, you don’t have to deal with a landlord and repairs are all up to you.
Owning is Costing You Less
There are places where it is more expensive to own than rent, but in 39 states, owning a home still makes financial sense.
Once you pay your rent for the month, that money is gone and you won’t see it again. When you own a home and make a mortgage payment, you are actually making an investment. The equity you earn on your home is yours and in the end, you can do whatever you want with it.
When you pay rent, none of that money ever comes back to you. When you own a home, your mortgage payments include an interest rate that is tax deductible. Again, yet another way you are making money from your home.
If you rent an apartment or condo, it is likely that you share walls, ceilings and floors with nosy and noisy neighbors. And even if your neighbors are cool, you might worry that you are making too much noise or being too nosy.
If you enjoy listening to your death metal music at full volume, 11, you can do so without conflict in your very own home.
While renting does offer flexibility, it can also make you feel insecure. You see, the decision to continue living in your rental is not up to you. Should the landlord decide to sell or move or whatever, they simply let you know that you have to move on.
For more information about owning a home, contact William Raveis Real Estate today.