Getting Out of the Rental Rut

There's nothing wrong with renting your home. In fact, in certain circumstances, it's the smarter choice. However, if you've been renting for what seems like forever, you might have started thinking about wanting to get out of the "rental rut."

While it's nice to know you can call the landlord any time there's a problem with the home, there are some major advantages to buying a house of your own. If you've been on the fence about finally taking the leap into home-ownership, consider these important benefits. 

• You'll Build Equity
  One of the biggest advantages of buying a house is that you're no longer handing over your hard-earned money to pay for someone else's property. Each time you pay your rent, that money is gone, and you have nothing to show for it. Whenever you make an improvement to the home you're renting, or you take care of routine maintenance, you're building your landlords equity – instead of your own. Buying a house allows you to start building your equity. It's a long-term investment that you can sell or take a loan against in the future.
  
  
• You'll Have More Stability
  When you rent, you don't have any control over changes your landlord might decide to make. Not only can your monthly rent payments suddenly go up, but your landlord could also decide to sell the property – meaning you'll have to find a new place to stay. Buying a house gives you a lifetime of predictability and stability. If you get a fixed mortgage, your payments will always remain the same. As long as you keep making those payments, no one can ever tell you it's time for you to go. 
  
  
• You Might Save on Taxes
  In addition to being a great long-term investment, buying a house will likely also create short-term benefits in the form of tax savings. You may have access to the mortgage interest payment deduction, tax write-offs, and other tax deductions that aren't available to renters. This could allow you to start making money back on your investment right away. 
  
  
• You Can Give it a Personal Touch
  Another huge advantage of buying a house is that once you do, it's yours. This means that you don't have to ask permission to paint, change out the carpets, or completely update the landscaping. When you own your home, you're free to give it your own personal touch in any way you see fit. 
  
  
• It's a Great Time to Buy 
  It's one thing to understand the advantages of buying a house. It's quite another to feel financially prepared to do so. Luckily, the current economic conditions are perfect for buying a house. Interest rates are at historic lows, so locking in a mortgage today can save you tens of thousands of dollars over the lifetime of your loan. There are also many programs available that can allow you to buy a home with little to no money down. 

If you've been thinking about buying a home, now is a great time to do it. However, the inventory of homes for sale has also reached record lows. Since there are fewer houses on the market, it might take you longer to find your dream home. Starting the process of buying a house sooner, rather than later, will give you the best chance to take advantage of these optimal conditions and finally get out of that rental rut. 

• Spring Décor Updates to Brighten Your Home
• Simple Daily Habits to Maintain a Cleaner Home
• Don't Let Winter Win: How to Freeze-Proof Your Garage
• How to Extend the Life of Your Water Heater
• Winterproofing Windows and Doors: A Guide to Keeping the Cold Out
• How to Future-Proof Your Home for Changing Needs
• Home Happiness 101: Small Upgrades That Can Make Every Day Feel Better
• Fall Cleaning Tips For Decluttering Before the Holidays
• How to Create a Cozy Fall Retreat in Your Backyard
• Why Fall is Prime Time for Window Replacement

• Tips for Transitioning Your Closet From Summer to Fall
• Why September Is the Best Month to Paint Your Home's Exterior

• The Best Home Styles for Enjoying Spring Weather
• What to Do the First Week in Your New Home
• What to Know About Using Gifted Funds for a Down Payment
• What to Know About Using Gifted Funds for a Down Payment
• How to Research Crime and Safety
• What Buyers Need to Know About Home Warranties
• Browsing for Homes Online? Follow These Shopping Tips
• How to Look Past Bad Staging
• What Happens If Interest Rates Change After You Buy?
• How to Compare Two Homes You Love

• Post-Holiday Finances: How to Reset Your Budget for Home Buying
• New Year, New Home: How to Set Smart Home-Buying Goals for the Year Ahead

• Packing Tips for Sellers: Preparing for a Spring Move
• What to Store, Donate, or Toss Before Listing
• What Buyers Notice First in Listing Photos
• How Spring Sellers Can Enter The Market With Confidence
• Tax Considerations Home Sellers Should Know About
• The One-Room-at-a-Time Spring Prep Strategy
• What's the Difference Between Listing a Home and Marketing It?
• How to Respond to Buyer Feedback Without Panicking
• Transparency Builds Trust: Why Honesty Sells Homes Faster
• Winter Selling Myths That Shouldn't Keep You From Listing

• The Value of Local Market Knowledge When Selling Your Home
• Selling in Snowy Conditions: Safety, Access, and Presentation Tips