Buying Vs Renting
Thousands of people spend their entire life renting their home. Some people rent single family homes, others rent apartments or condos, and others rent rooms in houses. The one thing all of these people have in common is that they are helping make someone else rich.
By renting property from another person you are helping them invest in property and enrich themselves instead of yourself. Also you put yourself in a position where you are totally dependent on another person for a home. There are times when apartment complexes are sold to new companies that have different rental procedures and requirements. Quite a few people who have less than perfect credit or rental histories find themselves unable to renew their leases when new companies take over.
When renting from individuals there are more situations to consider. Just because you are paying your rent to a landlord does not mean that the land lord is paying their mortgage on time to their lender. Many renters have found themselves abruptly dispossessed when the home they are living in is foreclosed on. In some situations the renter has only had a few days to get their things together and attempt to find a new home. In one situation the family of renters had just paid their rent and utilities so they were barely able to get money together for rent and utilities for a deposit on a new place along with their first month rent.
Owning a home can put all of these fears to rest. No more hoping that the home owner you are renting from is able to afford their mortgage. You'll be able to stop worrying about a new property management team coming in and raising rent or even evicting you for various reasons. You will be in a home that you control and you will know that the mortgage is being paid on time each month.
Having complete control of your home also means that you can make any changes that you want without talking to a landlord first. Now you and your family can actually hang pictures, change the carpet, and have pets without getting the okay from someone else first. That alone makes home ownership worth it to many people who hate not being able to make their house into a real home.
Also there are the financial aspects of buying a home that make it preferable to renting. When you purchase a home you are able to deduct all of the property taxes that you have to pay each year. In addition to being able to deduct the property taxes paid on your new home you will also be able to deduct all off the interest paid on your mortgage loan. This can end up giving a middle class family a large tax refund at the end of the year. So not only do you have a home of your own, you are also getting cash back from the government for having a home.
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