We have all heard the great renting vs buying debate for years.
There’s always a group of people that have the “I love renting” mindset. If something goes wrong, they shrug it off because it’s usually not on them to fix it. We get it. There are tons of us that own properties and remember a particularly bad experience when something went wrong (at the worst possible time). Because it’s true: when you rent you don’t have to fix it.
However, renting isn’t as hands-off as many people think, and to be honest, you’ve probably already been paying for those costly repairs without even knowing it. In fact, you’ll probably pay MORE renting than you would by owning.
Today, We are sharing our Top 5 Reason Why Buying is going to put you out on TOP!
#1 Owning Will Yield A Return On Your Investment
When you own a home, you get tax deductions, which is a BIG INCENTIVE. And unlike renting, your mortgage can’t go up due to inflation or deflation. You’re also building up tons of equity, which means that, when you sell, you’ll have more cash for retirement or more cash to put down on your next home.
#2 Renting Makes Your Landlord Rich (Not You)
People who own homes are essentially paying into a huge investment every month, so although they have a house payment, it’s going to their mortgage- not a landlord’s pocket. What’s worse…Most landlords raise the rent every year, which means that you are the one who’s paying for the depreciation on all of the appliances of the home. If you’re going to pay that cost anyway, wouldn’t it be better to pay for them in a home you actually own?
#3 Rent Costs are Up, Mortgage Rates Are Down
Generally speaking, rent in sought after areas can be MASSIVE. Right now, most rent costs are up 5% - But mortgage rates are at an all-time low. This means that, for about the same price as renting, you can have more space, freedom, and peace of mind when you own.
#4 Owning Has More Stability
The tenant-landlord relationship is notoriously tricky. Landlords write the contract, name their price, and control pretty much everything about the place you call home. They can enter your home, hire their own repairmen (however DELAYED they may be), or even sell the home... and there’s not a lot you can do about it. When you own, you have greater control over all of these things.
#5 You can’t make it your own
One of the worst things about renting is that you often can’t do much to make the space yours- because it’s not. Painting, adding new flooring, even correcting drafty windows or wanting new energy-efficient appliances can be hard. Depending on the rental agreement you are most likely stuck with what you have when you move in.
And we don't mean to keep reiterating this, HOWEVER interest rates are still down and the market is hot. NOW is a great time to become a homeowner and we are here to advise you in all of your real estate endeavors. Give us a call anytime, and let one of our experienced agents guide you HOME.
Bossier City Office (318)747-5411
Shreveport Office (318)861-2461