Are you still renting?
If so, you're losing money! Think about these three ways you lose money by renting:
- You are paying for someone else's mortgage payment. This means that you are missing out on the appreciation that the property gives to the landlord. Appreciation is value added to the property over time. Historically, homes appreciate significantly over time thus making many real estate investor multimillionaires.
- 2.Renters don't get to determine their monthly housing expenses like homeowners can. Mortgage payments do not go up over time like rising rents. Just think about how much rents have increased over the last 10 years. Home buyers, who had low monthly payments 10 years ago and did not refinance their mortgage, still enjoy low payments and don't have to worry about rising rents.
- Renters don't have the opportunity to benefit from tax advantages. Homeowners are able to get income tax deductions. Tax deductions for interest costs, for instance, save tax payers thousands of dollars.
Emotional Satisfaction of Home Ownership
Besides making money with real estate, homeowners also get the satisfaction of home enjoyment. Homeowners are able to choose all the finishes and fixtures that match their tastes, lifestyle, and décor. Many landlords won't allow you to paint your walls in colors that you desire and you get little say in flooring materials. Being able to make your own personal statement, makes your house feel like your HOME and allows you to connect to the property.