3 Reasons Why You Should Stop Renting

There is never a bad time to buy if you do your assignment. Planning your budget properly and getting the right help to find the perfect property.  If you consider getting out of the leasing game into home or property ownership. Here are some tips on when it’s better to buy than renting. 

  1. Cost Saving & Control

Having your own home means a lower monthly payment. There are a variety of reasons for mortgage payments lower than rent. But the most important factor is that rental property owners typically have to inflate their monthly costs in order to turn a profit. You have no control over annual rent increases. If you wait for the perfect time to buy you may wait forever. Don’t stay out of the property market because you are worried about the future. 

     2. Investment Opportunity

When you buy a home with a 15- or 30-year mortgage, you’re doing more than just making monthly payments; you’re building equity in your property and making a long-term investment that hopefully will pay dividends down the road. While renting can have financial advantages in the short term, building long-term wealth through buying is one of the key advantages of homeownership.

    3.  Freedom for Customization

As a tenant, you need to get permission if you want to renovate or design your home, with just simple painting of cupboards or old walls in your rental home. Even if you want to install a new shower, you need to get approval. The owner may well agree to the improvements you want to make but you will benefit as long as they live there. Remember any improvements you make on someone else’s home offer very short-term gains for you.