5 Reasons To Stop Renting
Reasons To Stop Renting
Some people may argue that home ownership is overrated, there are plenty of good reasons to stop renting and buy house. And with the present mortgage rates, there has never been a better time to take the plunge. Understandably, owning your property and being responsible for its maintenance can be scary - but this shouldn’t stop you. If you’re nearing the end of your rental lease, here are a few reasons to stop renting.
1. Interest Rates are low
2. Earn Equity - grow wealth - If you are renting, you’re throwing your money away. In reality your rent money is helping your landlord pay off his mortgage, while building up his line of equity. One of the many perks of owning a home is building equity.
3. Low Down payment loans
4. Rents are increasing - With our ever changing economy it can be a game of chance to rent. If inflation occurs your rental rates may go up substantially.
5. Tax breaks - A major bonus of owning a home is receiving tax deductions. Renters do not receive tax deductions. If you own a home you can deduct mortgage interest as well as your property taxes.
There are many other reasons to break the chains of renting and start living in your own home.