10 reasons why you should fire your landlord
1) Stop throwing away your money on rent:
When you pay rent each month,
you build the equity of your landlord. And after moving, you don’t see this
money. Rather than paying your landlord’s mortgage every month, put the money
toward your own house. Start making some moves and make homeownership a
reality. Raise your credit score to qualify for mortgage, and increase your
savings to make a down payment.
2) Build equity:
Think over the amount of equity you can build in
5, 10 or 20 years. Equity is the difference between the current value of your
house and the amount you owe on it. Equity builds when you pay down your home
loan and your house appreciates. The more equity you have in your home, the
more money you can get.
3) You can qualify:
If you have a sufficient income and high credit score, there’s no
reason to throw away your money on rent each month. Buying a house is not a
complicated process. Your agent will guide you through this process. Apply now
for a mortgage and you are one step closer to homeownership.
4) Today’s mortgage rates are low:
Today’s historically low mortgage rates won’t last forever. So if
you want to buy your own house, purchase it now and get lower mortgage rates.
Moreover, low rates will help you to qualify for a higher mortgage loan. You
can get a big home for your money.
5) Stable payments:
When you rent a house, your landlord determines how much you
should pay each month, and he/she can increase the rent any time. But when you
get a fixed rate mortgage loan, you have stable payments for as long as you
live in the house. You shouldn’t worry about rent increases and move because of
a higher rent payment. Homeownership is the right definition of stability.
6) Bad
landlord:
Okay,
you like your rental, but you might be so tired of your landlord. Maybe your
landlord visits the house unannounced and schedules unexpected inspections. Or
perhaps your landlord doesn’t make needed repairs or maintain the house. If you
are a renter, this can be really frustrating.
7) Pet
restrictions:
Some rental properties have strict NO PETS policies, which
can limit your choices of residence. Rental properties that allow pets
can still be limited by weight or breed restrictions. If your pet is
allowed, your landlord has the ability to charge extra rent each month for your
pet to reside in the home.
8) If
inflation occurs, rental rates may go up substantially:
With our ever changing economy it can be a game of chance to
rent. If inflation
occurs your rental rates may go up substantially. With a fixed-rate mortgage you can have peace of mind at night
knowing your mortgage rate will not increase for the specified fixed-rate of
your mortgage.
9) No tax deductions:
A major bonus of owning a home is receiving tax
deductions. Renters do not receive tax deductions. If you own a home you
can deduct mortgage interest as well as your property taxes.
10)
Decorating control:
When you rent a house, only your landlord decides what you
can do inside the home. Most landlords limit the amount of holes you can put in
walls and forbid to change the wall color. You are not allowed to decorate or
design the house. Buy your own house and you can do whatever you want to it.
If
you are looking to buy a house, it is the right time to apply for a mortgage.
Do you have other reasons to stop renting and start buying a house? Share your
thoughts, please!