5 Reasons To Stop Renting Today- taken from realtytimes.com 8-1-17
Still renting? You must have a good reason. Although, we’re not really sure what it is. With rents continuing to rise across the country, interest rates staying around historic levels, and new loans lowering down payment requirements, it just makes sense to take the leap to homeownership
Owning a home is still less expensive than renting
GoBanking.com annual survey of the cost of renting versus owning found that it is more expensive to rent than to own in 39 of our 50 states.
Rates are near historic lows
Anyone who has been paying attention to the market over the last few years has seen interest rates in the 3% to 4% range. It hasn’t always been like that. Buying a home now while money is cheap is a smart move. A difference of even 1% can have a major impact on your total payments over time.
FHA loans and the like make it easier to qualify
FHA requirements are lower than conventional loans and you may already be where you need to be to qualify. The average FICO score for buyers who finance with FHA loans is 683. That’s considerably lower than the average score of 753 for conventional, non-FHA financing.
A little thing called equity
Rising rents may or may not equate to rising property values in your area, but either way, you’re not going to see any financial benefit from it when you rent. When you own your home and your equity rises, that equity is yours, and so is the choice of what to do with it.
As a renter, nothing you pay comes back to you, except maybe for the security deposit. As a homeowner, your biggest tax break is reflected in interest on the house payment you make each month. The other major deduction is your property taxes. Even if your house payment is going to be a bit higher than what you’re currently paying for rent, how do those number look when you calculate your tax savings?
All information deemed reliable but not guaranteed. For tax, investment or ownership advice we suggest you contact an attorney or certified public accountant