DISADVANTAGES OF RENTING
No equity building. The monthly rent you pay goes to the landlord. It represents the fee you pay for using the property. No matter how long you live there, you will never gain any equity or 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. You will need to get approval for the redecoration you asked for. After all, 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 an excellent 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 fantastic decision.
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