Look at this chart and ask yourself “Do I really want to keep renting?” Rent prices have continued to go up over the last 30 years while mortgage interest rates have dropped. Maybe it’s time to stop making your landlord rich and start thinking about building your own personal wealth with a new home! Check out some of the reasons buying a home is a better idea than renting.
Cons of Renting:
- Your landlord can increase the rent at any time.
- You cannot build equity if you’re renting a property. It will be your home, but it won’t be your asset.
- There are no tax benefits to renting a property.
- You cannot make any changes to your house or your apartment without your landlord’s approval.
- Many houses available for rent have a “No Pets” policy. So if you’re an animal lover, finding a place to rent that allows pets can be hectic.
- Your landlord can evict you at any time. He/ She can put the property up for sale to make a profit if real estate values increase.
- You are bound by the rules and obligations in your lease agreement.
Pros of Buying a Home:
- Owning a house can give you a feeling of stability and settlement. There is also the pride of owning a property.
- There is complete freedom of redecorating and renovating the property as you are the owner.
- Buying a house can serve as an investment. You can buy it and then rent it out to earn monthly profits.
- Tax benefits. You can deduct your mortgage interest payment. Plus, you build equity while paying off your loan.
- You have complete freedom to live however you want. You can have pets, you can change appliances, you can renovate and much more without anyone stopping you.
- You have your own privacy.
Maybe it’s time you give Chris Simpson a call and let me help you with a plan to fire your landlord! Call, text or message me and we can talk about the steps to make you a Happy New Home Owner. Chris Simpson 231-215-7229
Nexes Realty Inc.
880 W. Broadway Ave
Muskegon, MI 49441