10 REasons to stop renting

1. You hate your landlord.
Landlords can take forever with maintenance requests. There's nothing worse than having a broken washer for weeks or have the air conditioning go out on you in the middle of the summer. When you own your own home, you're in charge of maintenance. You won't have a security deposit or a move out fee for damages. It might be time to take charge of your life.

2. You can customize your space.
​When renting you can be limited to paint color and unique customizations. You can be charged for damages, holes in the walls, scratches on the floors, pet odor, and more. You won't be required to spend hundreds of dollars on command strips. You can commit to decorations that work for the home and not worry about it matching the next rental.

3. Homeownership allows for the opportunity for additional income.
If you are currently renting a 3 bedroom apartment, imagine if you owned the home and your roommates were your tenants! Your roommates would be paying some, if not all of your mortgage and you would be living rent free! 

4. Unlike rent, a mortgage payment won't increase.
As long as you have a fixed rate mortgage, you know exactly what your mortgage payments will be. Rent has the potential to be increased each year. Your home value appreciates in value, but your mortgage payment will stay the same!

5. Homeowners can take tax deductions.
Often, homeowners can take tax deductions such as mortgage interest and energy efficient improvements. Also, you can avoid certain federal taxes on the earnings of the sale of your home later down the road. 

6. You can build equity.
Each month part of your mortgage payment will go toward the principal balance of your loan. The more you pay toward your principal, the more equity you can build within your home. Later down the road, you can have the option to take out a home equity loan. Some homeowners would use this for college, home improvement, or medical bills.

7. No Pet Fees.
You can have your dogs without worrying about a pet fee. You can also find a home with a fenced in yard and even install a doggy door, because you're tired of taking your dog out on a leash at your apartment complex.
​(That's my dog, Monti.)

8. First Time Homebuyer Incentives
Check with your local mortgage company because often there are state housing programs that help first time homebuyers with their down payment. This means the upfront costs for purchasing a home would be significantly less. A down payment can be as little as 3.5% or 5% or 10%. Check out some of the other costs that are involved in buying a home.

Read more

9. Pay Your Own Mortgage
Your monthly house payment is going toward YOUR home. But your rent payment is going toward your landlord's mortgage and he or she isn't even living there. Owning a a home is a big deal, and you deserve to put your hard earned money back into something that you own not rent.

10. The Pride of Home Ownership
Isn't the American Dream, homeownership? You can take pride in how your home looks. You can build a future in your home that provides a sense of security. There's something about owning a home that is a feeling of accomplishment and success. There's nothing like home sweet home, especially if you own it.

Are you ready for homeownership?

Take the Quiz