Owning a home is part of the American Dream, though renting is not always a bad idea. Renting can be cheaper, require less maintenance, and offer the flexibility to pick up and move with little hassle. Still, eventually, most people want to stop renting and own their home.
Here are the 3 top reasons why renting may no longer make sense for you:
#1 – Stop Paying Your Landlord’s Mortgage: Is your rent payment equal to a mortgage payment? Consider and include the tax benefits when making the “rent vs. own” calculation. Mortgage interest, property taxes, and insurance are tax deductible.
#2 – Historically Low Rates: Locking in a low interest rate for 30 years at a time, as most economists predict substantial inflation in the years to come, is a very good idea.
#3 – Peace of Mind: Never having to move again and being able to fix up the place exactly how you want it.
Owning a home has proven to be a very successful investment over the past 100 years and, for most people, it is the single best investment they will make in their lifetime!