Reasons It’s Time To Stop Renting And Buy

It’s very easy for people to tell you to stop renting a property and start buying one, but anyone who tells you you should just do that has never understood the implications that come with buying a home. Not everybody has the ability, the income or the inclination to save for a deposit and all of the costs associated with buying a home. And in an increasingly scary world where the cost of living is moving up and up and the interest rates are rising again and again, the last thing most people want to do is be able to buy, being priced out of their homes and having to move back into their investment properties.

It means that a lot of renters are being tapped out onto the street and choosing a moving company to help you with that is not the easiest thing to do. Sometimes buying a home is the logical outcome to prevent you from being put back on the street again. But as we said, in this current world, it’s looking like it’s getting harder. That being said, there are always good reasons to stop being a renter and try and buy your own home, even if it is a small fixer upper.And here are those reasons below.

• It can cost less per month than renting. For some homeowners, the mortgage could be less than the rent they were paying before. Of course, you have to consider interest and property taxes depending where you are, but those are deductible. There is less cost variability over time on home ownership too, especially if you’re taking out a fixed rate mortgage rather than a variable one. As a renter, you could be moving from place to place and the prices could be inflated heavily.
• You add some stability to your life. When you are subjected to rising rent rates as a renter, you also have to be subjected to the sales to changes in the laws. Renters rights laws are not as great as they should be. So when you own your home, you are able to stay in the house that belongs to you until you decide otherwise, rather than having somebody decide it for you.
• Benefit from mortgage interest. The fact that some of your interest is tax deductible when you own a house makes a big difference to your pocket at the end of the tax year. You don’t get that same benefit as a renter, so you have to consider whether or not you want to go ahead and rent considerably longer, or if you want to save and buy.
• You have the chance to build a nest egg for retirement. When you buy your house, you have the opportunity to build something that will serve you later on in life. You’ll also have an asset there with you that you can sell and live off if you want to travel the world one day. Whether you are married or single you are going to be able to enjoy something for your retirement when you buy.