Still Renting Your Home? 4 Facts That
Might Change Your Mind
Each year, home renters face the question of whether to renew their lease
for another year or determine it is time to buy a home of their own. Over the
past couple of years, the US housing market has changed dramatically as
home values have soared and interest rates have remained low. So, if you
are still renting your home, it might be time to buy instead.
- Rents Are Rising Quickly – Higher priced home values drive higher
rent costs. While a 30-year fixed home loan will provide steady monthly
payments for the duration, most renters are shocked to see their housing
payments rise each year.
- Paying for Your Landlord’s Equity – As home prices rise, so does
the equity in the property. As a renter, you are making the loan payments
for your landlord, while they reap the benefit of increased equity.
- You Get What Your Get – A homeowner can paint, renovate, and
customize the home to their heart’s content. A renter must live with the
choices the landlord made about décor.
- No Tax Benefits – Homeowners can deduct the home mortgage
interest and property taxes off their gross income, offering huge tax
With a wide variety of home loan programs available, buying a home may
be more affordable than you think. If your lease is up for renewal, this could
be a good time to consider the benefits of homeownership instead.