The downsides of renting

When you’re looking to make your next big move, renting can be easier than purchasing, especially when it comes to issues like maintenance and long-term commitments. But while there are benefits to renting, there definitely are disadvantages, too.

So you move into your new rental property and you are ready to decorate! Many times, though, landlords will prevent tenants from painting any walls or putting nails into the walls. You also may not be able to change out any worn-out carpeting.

If you have pets, you may have a problem finding a rental unit that permits them. And if you do find a landlord willing to take Fido, there may be an increase in the deposit to cover any potential damage the dog may cause. If you are looking at a property that is part of a condominium association, the association may require a deposit as well to cover potential damages within the common areas of the complex.

When it comes to your pocket book, there is no earned potential equity in the property. When you own a home, you typically build equity in the property and it becomes an investment for you. When you rent, the only thing you get is a place to live. The rent simply pays for you to have a place to hang your hat.

You also lose some tax advantages when renting instead of owning. The interest you pay on the mortgage along with the property taxes can typically be deducted on what is own as a Schedule A of your 1040 document. Rent typicaly isn’t deductible. As a property owner, you may also qualify for several remodeling tax incentives as well.

When you own your home, you have greater control over your living conditions. If a problem arises, you are most likely to act more quickly than a landlord to resolve the issue. And you can’t ask for the qualifications of the repairman your landlord sends either.

In the end, you have to live by someone else’s rules while you make them richer.

To contact me, call 708-583-8300, email gz@zerillorealty.com or visit www.zerillorealty.com.