For 15 years, I was under the assumption I could not afford to buy a home. I was renting and paying my landlord to live in his property. Each year when I signed a new lease, the rent would increase. It was not a place I can call my home, it was a place my children and I lived. I decided to convince my sister, who was also renting her apartment, to pool our funds together and buy a place we can hang our hats and call HOME.
Here are some benefits to consider:
- You can customize your space in your home, knock down walls to make rooms more spacious, redo your bathrooms and/or kitchen
- If a landlord decides he wants to sell the property. They can evict you. If you own your home, you will never have to speak to a landlord again.
- When you rent, you are again at the mercy of the landlord, who can raise your rent.
- Homeowners are able to deduct mortgage interest payments on their taxes.
- Homeowners build equity when they pay their mortgage. (the home’s value minus mortgage debt)
There are no limits to what you can do to when you own your HOME. I know buying a home is not for everyone. There is a gratifying feeling of knowing you are in a place you can call your own.
When you rent, you are limited to the signed lease and at the mercy of a landlord. Should you consider getting that HOME, for you and your family. If you can commit to living in a rental for 3-5 years, it’s time to find a HOME! For example, if you are paying $1,200 to your landlord, that equals $14,400 in their pocket. Perhaps the time has come for you to evaluate your finances, can you afford a down payment, closing costs, home inspections, etc? Take that dive, don’t be afraid. Cut corners a little and start your HOME fund. Make your dream a reality.