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Stuck in a Rental Rut: The Case for Homeownership

May 1, 2017 By: Great Midwest Bank
home with 'for rent' sign next to a walkway

Calling all renters! Stuck in the world of landlords and leases and looking for a way out? Or maybe you’ve enjoyed apartment living but it’s time to consider something more permanent? Or, our favorite: your landlord just increased your monthly rent payment, and now you’re thinking, “I could buy a house for this amount.”

Whatever case of rental fever you have, we’ve got a cure! Here are just a few reasons why owning a home reaps more long-term benefits than renting:

Make Your Space Yours

When you own a home, you have personal freedom with decor, improvements, pets, and more. You can paint over those yellow bathroom walls! You can redo the floors! You can have five dogs running around! You can store things in your basement or garage without having to pay extra, get permission from a landlord, or share space with a neighbor.

Build Equity

Always consult with a tax advisor for the straight scoop, but homeownership often allows for year-end tax deductions on mortgage interest paid and other eligible expenses, like property taxes. A mortgage payment versus a rental payment also has the simple benefit of increasing your equity over time – and owning an asset to be proud of! Local experts like your realtor or loan officer can help you find the right home and Home Mortgage Loan, and remember to consult with your tax advisor for potential tax benefit details.

[How to Build Credit When You’re Just Starting Out]

Flexibility for Refinancing

When you own, you’ll have the option to refinance your mortgage. If you have enough equity, refinancing can free up funds for a home renovation, student or credit card debt paydown, and more. Refinancing into a different loan product altogether can adjust your loan amount and/or payment period to better fit your needs over time. When you rent, you don’t have control over the set monthly rent amount, nor an asset to borrow against if you need funds someday.

If you’re ready to take the leap from renting to owning, we can help you through the entire process – from application to closing and beyond. Talk with one of our local Loan Officers today so you can be on your way to the benefits of homeownership!

Posted in  First Time Homebuyers