I rented after College till after my Husband and I made the leap to buying our very first home. The size of our rental was just one in a list of other factors that pushed us to run (not skip) and find our first place. Not sure if you’ve ever had these same issues with your Rental but here were mine:
- ZERO freedom to put our personal touches on any part of the inside or outside
- Waiting on Landlord to repair things that break (i.e. drippy faucet, bad toilet, etc)
- Any money we spent on the house that improved the place would be left for the next tenant to enjoy.
- We had to ask for Permission, to change anything!
- Not ONE cent of my rent was deductible on my Personal taxes!!! My Homeowner friends who were able to deduct, at minimum, mortgage interest. So guess who sadly forked over more of the piggy bank to the IRS? Answer: ME!
Think of Renting as your way to Pay for someone else’s retirement. That’s right, when the house you’re renting is sold, you’ll be looking for another place to spend all your hard earned money to live while the Landlord may be getting a profit that helps them to retire one year earlier. Point #1- If YOU can rent for $1700 a month a small apartment, you can OWN a house for the same or less per month that could be many times larger than your current place you call home. Point #2-When you own, a Deduction on your taxes basically lowers your Tax base. Why lower your tax base? Because your taxes will be less because there’s less to tax. Point #3-this is your house and you’ll never have to worry that someone will sell it from under you or to raise your monthly payment (if you’re on a Fixed rate loan).
When you own your own home, You become your own Landlord. You can do pretty much anything you want within your home. You will reap the benefits of any PROFIT you make when you sell. And isn’t that what we all complain about NOT having when we pay a person every month for a place we don’t own?