Why you SHOULDN'T rent a home

We first discussed why you shouldn’t buy a home - now lets discuss why you shouldn’t RENT a home. Enjoy! Add me on Instagram: GPStephan

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Why you SHOULDN’T buy a home

First, when you own a home - you won’t EVER have a landlord telling you what to do.

This alone can be a HUGE motivator for people to buy a home rather than rent…because we’ve all seen some really, really crazy landlords.

Secondly, when you own a home, you can do WHATEVER you want!

Want the walls to be painted purple? Go ahead and paint them purple. You want to change the tile in the kitchen? Go ahead and do it. You want to smash the like button for the algorithm? Go ahead and do it.

Third, you won’t ever have to worry about a landlord evicting you or asking you to leave.

If you want the ultimate stability to know you aren’t going to need to move a year from now, buying is the best insurance you have.

Fourth, speaking of that…another HUGE advantage over buying a home is that you won’t have a landlord who’ll raise you rent each year.

That, unfortunately, is one of the biggest unknowns when renting - how much will that same place end up costing you next year, the year after that, and the year after that.

Fifth, The biggest advantage for MOST people, is that having a mortgage FORCES them to save money

In a way, your home is almost like a piggy bank…every month, you’re putting a little money away where it’s safe.

Sixth, In addition to forcing you to save, buying a home also means it’ll LIKELY go up in value over the long term

This is also what’s known as “appreciation”…meaning, the home “appreciates” in value.

Seventh, Another HUGE benefit…speaking of appreciation…is that when you buy a home, you can LEVERAGE your money.

This means that you can own 100% of a property, while only paying a modest down payment - and then borrowing the rest in the form a mortgage. This means you’ll get to keep 100% of those appreciation profits, even though you didn’t put in 100% of your own money.

Eighth…depending on how you file your taxes, your mortgage interest and property taxes an be a tax write off!

Now all of this depends if you take the standard deduction or you itemize…but if you itemize, you can write off the interest you pay up to the first $750,000 of your mortgage. Same goes with property taxes…again, unfortunately, there’s a State and local tax deduction capped at $10,000…but depending on your tax bracket and how much you pay, your property taxes could potentially be another write off - saving your more money.

Ninth…in the event you need access to the money within the property, you can get access to it - ENTIRE TAX FREE - by doing that’s called a Cash out Refinance or a HELOC.

A cash out refinance just means a bank will loan you against the equity that’s already in your house, and you won’t pay any taxes on that money you borrow. N

And FINALLY…if you DO decide to sell the home that you’re living in, you won’t need to pay any taxes on the first $250,000-$500,000 worth of profit.

That’s thanks to a homeowners exclusion that says, if you live in a home for 2 of the last 5 years, you get to keep the first $250,000 tax free if you’re single, or $500,000 if you’re married

Thanks for watching!

For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com