landlord. It represents the fee you pay for using the property. No matter how long you live there, you gain no ownership of the property. No tax benefits. While homeowners can deduct property taxes and mortgage interest on their tax returns, renters aren’t eligible for housing-related federal tax credits or deductions. Home improvements go to the landlord. Any structural and decorative home improvements that renters make belong to the building owner and will have to stay behind when you move to a different place. Also, approval for the desired major redecoration will be needed. After all is done, the decision to buy or rent depends on the prospective home buyer’s circumstances. There’s no denying that a home of your own is a sound financial and a significant emotional investment. An investment in a home can also mean an investment in your future. There is much to consider when buying a home. Switching from renting to homeownership is a highly challenging but exciting and amazing decision.
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