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5 Reasons Why You Should Own and Not Rent Your Home

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.

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