We’ve all had that one relationship where we looked back and said “why did I do that!? What was I thinking!?”.
A lot of people look back at their housing decisions and say the exact same thing about their renting experience.
While there are benefits of renting, there were also some benefits to your last relationship before the “it’s not you, it’s me” conversation.
Let me be the first to tell you… It’s NOT you… It’s RENTING!
No more wondering – Costs are more predictable!
When you purchase a home, ideally it will be based on a fixed-rate mortgage! When you’re renting, how much you pay each month is based on the whim of your landlord. No more wondering where your money is going – you’ll have all the facts this time.
STOP Paying Someone Else’s Mortgage!
When you rent, you’re paying your landlord’s mortgage. This helps them build equity, and decreases their debt, not to mention additional income. None of these benefits carry on to you. You thought you did more than your share in your last relationship? Now you’re paying off someone’s debt.
Your Mortgage is a Tax Deduction!
It’s Tax Season. How much of a refund is your rental making you? The main tax break of home ownership is the ability to deduct mortgage interest payments. But wait, there’s more! Homeowners can also deduct eligible expense, such as energy efficient improvements! Your rental didn’t treat you this nice.
That’s right. When you own, no landlord or agency can ban your funky wallpaper and periwinkle blue paint. Your last partner didn’t like it, and neither did your landlord. But it’s your house! Do what you want!
Chance to build a second income. YOU can rent it out.
Now that you know the facts, renting may not be for you. HOWEVER, some people are forced to rent due to credit issues making them ineligible for a mortgage. This is your chance! Rent out your space and make some extra cash, while your tenant pays your mortgage!