STOP! Don't pay rent. Build Wealth.

Imagine what you can do with a home of your own as many advantages exist versus renting. You're not going to wake up at 12a.m. to the neighbors beating their headboard against your wall anymore. You're actually going to get your newspaper in the morning. Often times you can find a home in which the mortgage is less than what you currently pay in rent; and you're not throwing your money away. You're building wealth. Certain tax benefits exist for homeowners which can significantly increase the upside potential to purchasing a home. There are downsides to owning a home as well unfortunately; you'll have to fix faulty appliances or leaky roofs yourself. But weigh the pros and cons yourself.


Buying a Home
Pros

You're building wealth with the accumulating equity in a home.
You might have a feeling of security and/or community.
You're free to landscape all your want or remodel if you don't like a wall.
The interest you pay on a mortgage is tax deductible.
Property taxes may be tax deductible.

Cons

You're on your own maintaining your property.
You now pay property taxes.
If you don't pay your mortgage, you'll get the "boot" and foreclosure.
You're not as free to pickup and move to the apartment complex down the street.


Renting
Pros

You won't have the closing costs and fees when you buy a home.
You're more free to pick up and move down the street or across town.
Low maintenance responsibilities.

Cons

If your landlord raises rent, you might be stuck with the higher bill.
Zero tax benefits exist for renters.
You throw your hard earned money away because you're not building equity.
Eviction can be a looming threat.


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