The Cons Of Renting A Home

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Should you rent your next home?

Once you’ve decided that you want to move, you also need to decide whether you want to rent or buy your next home. There are benefits and downsides to renting and buying, and in our last blog, our moving company in Orlando went over a few of the pros or renting. Today, we will be going over some of the cons of renting a home vs buying a home:

#1. You are at the mercy of your landlord.

When you live in someone else’s house, you have to follow their rules. Not only does this limit your ability to personalize your space, but it also means that, at the end of your lease, your landlord could decide to raise your rent or simply kick you out altogether. Buying a home often leads to a more stable living situation.

#2. You can’t build any equity.

When you pay a monthly mortgage, a portion of that payment goes to building equity. On the other hand, when you pay rent, all of that money is simply going towards some else’s mortgage.

#3. You can’t take advantage of the tax benefits.

Believe it or not, there are actually many tax benefits to becoming a homeowner. For example, property taxes and mortgage interest payments are both deductible from your federal taxes. If you rent a home, you will not be able to take advantage of these wonderful tax benefits.

Now that you know about the pros and cons of renting a home, it’s time to learn about the pros and cons of owning a home. Stay tuned for our next blog to learn more!

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