In the long run buying costs less than renting.
Look at it this way:
Every time you pay rent, you are paying towards somebody elses’ mortgage. Every time you pay mortgage, you are paying yourself.
- Your rental payments go towards paying the your landlord. For, whatever.
- Payments you make on your rental don’t benefit you other than keeping a roof over your head.
- The longer you rent, the longer you put off building equity.
- Renting means that your neighbors revolve frequently.
- Getting evicted can make it impossible for you to buy AND rent in the future.
- Your rent can and probably will go up.
- The longer you stay, the less you get. Landlords will tell you: the dream renter is someone who will stay for a long time and not ask for much. Is that you?
- Updates, painting and edits to your space aren’t allowed without landlord permission and you could be fined for making them.
- You have no control over the possibility that your home may be sold or foreclosed upon.
- If you have a pet, it is probably harder for you to move or find a new rental. And if you want a pet? You may not be allowed to make that choice!
- Your first mortgage payments go towards paying the interest on your loan.
- BUT each payment you make also increase your share in your home’s value.
- Equity = Increase In Your Wealth
Joining a Community
- Now you are literally invested in your city and your neighborhood. Awesome!
- Statistics show homeowners tend to be more invested in their community as well as more organized than their renting peers.
- Go ahead and get those chickens you’ve been wanting. We won’t stop you!
- If you have a fixed interest rate mortgage you will always pay the same amount every month for the life of your mortgage.
- Your home is yours and what you choose to do IN it, TO it and even ON it is your beeswax. Total freedom is yours.
- You can sleep well at night knowing that you’ve secured a place where you can live and grow for as long as you want.
- Decorate, paint, garden and create as you want to.
- Nobody can make you move except for you.
- No restrictions on pets, noise or remodeling (other than legal ones!)
- You can deduct property taxes and mortgage interest from your taxes.
- The tax savings alone can make a house purchase more reasonable than renting