If you are a renter, you're paying for someone else's mortgage payment. You're missing out on the appreciation that the property gives to the owner. Appreciation is a real estate term, meaning added value to the property.
Renters don't get to freeze their monthly housing expenses like home buyers can. Of course, many home buyers get mortgage payments with adjustable interest rates and their payments go up over time. However, these payments will not go up over the long term like rising rents. Just think about how much an apartment costs today compared to ten years ago. Home buyers enjoy low payments and don't have to worry about rising rents.
Homeowners have the advantage of income tax deductions. Tax deductions for interest costs, for instance, save tax payers thousands of dollars.
Renters don't get the same satisfaction of home enjoyment as owners.
Many landlords don’t allow renters to paint walls a different color or change certain styles and décor of the house. Because renters can't make personal choices in the home, they won't feel like it is HOME as much as homeowners who feel emotionally connected to their property.
Today's mortgage finance plans, renters are surprised to find out how much of a home they can afford with payments similar to monthly rent payments.
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