1. Renting In Raleigh Is SO Much Cheaper Than Buying
Actually not true at all. The average Raleighite renter shells out about $1,000 a month to their landlord, which is never to be seen again. Meanwhile, most homeowners here spend about $838 monthly on their mortgage payment. Not to rain on your rent parade or anything.
2. My Utilities Might Be A Little Cheaper (And My 30 Minute Showers Are Totally Necessary)
Homeowners might pay a bit more for their monthly utility costs, but they have way more control with offsetting these costs. You can paint your roof white to cut costs on cooling your home. You can install energy-efficient appliances. There’s no landlord to tell you “no.”
3. I Don’t Have To Put Much Thought Into My Space, So It’s Easy
Once you find the apartment you want to rent, you’re pretty much stuck with the setup you see. When you own a home you can customize it and adjust the layout of your property to best suit you, whether that means knocking down a wall or just transforming a small space into that reading nook you know you’ve always wanted.
4. I Can Change Up My Place’s Look Each Time I Move
We get it, shopping is fun. But buying new furniture, appliances, and decor to go with your new digs each time you move costs a lot of money. When you own a home, you pick your favorite pieces and stick with them longer, so you end up spending less on decor.
5. My Landlord Changes Light Bulbs And Unclogs Drains
That’s if you’re lucky. Sure, it’s nice to have a landlord call a plumber when there’s a hair in the sink, but landlords aren’t always so great. When you own, you have free reign over how you manage your property. You also learn a lot of valuable lessons, like, you know, how to actually fix things yourself or how to choose to right contractor to hire and which appliances to install.
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6. I’ll Pay Less Taxes, And I Can Stay On E-Z Street
Even if your monthly mortgage payment ends up a bit higher than what you’d pay in rent, you might actually end up spending less as a homeowner because of the deductions you can claim come tax time. Getting tax breaks on property taxes and the mortgage interest feels pretty awesome.
7. When I Rent There’s More Cash In My Pocket
Plenty of people have trouble saving up money while they’re renting, since a lot of their cash flow goes straight to their landlord and not to their own investment. And don’t forget that, as your rent keeps increasing as the years go by, your fixed-rate mortgage will stay the same. The best kind of rent control? A mortgage.
8. I’d Be Wasting My Money On Interest Payments
Interest payments eventually run out. Rental payments don’t. Not only are interest rates the lowest they’ve been in years (making it a great time to buy), but with each mortgage payment you’re building equity in your home.
9. As A Renter, I Don’t Need To Pay For Homeowners’ Insurance
Many renters assume their belongings are covered by their landlord’s insurance policy, but that’s just not the case. When you own your home, you can pick and choose from different insurance packages to tailor the coverage to your personal needs.
10. I Have The Freedom To Move Whenever I Want
There are actually a lot of ways to lead the nomad life as a homeowner. You can buy in a hot market and then sell after a few years, or you can rent out part (or all) of your home allowing you to move elsewhere. Though many people see renting as synonymous with freedom, the thought of your landlord evicting you for not signing a binding lease sure sounds like a trap.
