Renting is easier than owning a home, isn’t it? Someone else has to fix things when they break, and someone else has to pay for the trash pick-up and water. If the water heater blows up or the furnace stops running, the landlord likely has to pay! But you know what else the landlord has to do? Reap the benefits of owning real estate while you pay his or her mortgage!
Why should you switch from renting to owning a home? In most parts of the country, the price you are paying to rent an apartment or a house is most likely about the same, or in some cases, more than a mortgage payment would be!
There are other significant benefits to becoming a property owner:
- Building Equity-When you own a home, your monthly mortgage payments build equity over time. You also gain equity when your home appreciates as prices rise in your neighborhood. Both increase your net worth, which helps to build your wealth. When you are renting, you are building your landlord’s wealth.
- Stabilized payments-Rent payments can increase over time, but with a fixed-rate mortgage, your mortgage payment will not fluctuate. So, no matter how the market changes, you can be confident that you will have a stable and affordable house payment.
- Tax benefits-Real estate property taxes, mortgage interest, and in some cases, origination fees may be deductible on your income taxes. You would need to check with a tax professional, but many homeowners site these benefits when deciding between renting versus owning a home.
- Personal Expression-When you buy a property, you have the option to change the wall colors, install carpeting or wood floors, get a pet, and make changes that express your personal style. When you rent, the landlord controls all that and probably wants to keep things very neutral so that when you leave the next tenant can move right in!
- Making a home, not just a house-Instead of moving from one location to another every few years, your home will be a place of stability. You will make memories and become an invested member of a community.
If you are ready to move forward and stop building your landlord’s equity instead of your own, then contact us today to learn more about our fantastic loan programs. Let’s get started on your home buying journey today!