You must follow the landlord rues, like parking areas, after hours noise, color of house paint, etc.
You can not remodel, make room additions, change color of paint, etc.
The rent payment is due exactly the same day every month, or you could be immediately evicted.
Your landlord can end the rent contract at any time (after giving you legal notice to vacate premises).
Month after month you throw away the money you pay in rent, you don't get any financial benefit for it.
If you have pets, in many rental residences you are not allowed to bring them with you.
You'll never get back the money you have paid in rent, compared to a home owner, renting won't allow for any equity earnings.
When you Own:
A fixed mortgage payment can give organize your finances.
You are free to remodel, make room additions, add a swimming pool, change the color of the walls, etc.
In an emergency you have a few extra days to pay your mortgage, usually 15 days, without affecting your credit.
Month after month the payment applied to your principal is equity earned, and if on top of that the value is increasing, it could mean substantial earnings for you.
As home owner you can deduct the interest paid on your house from your income taxes.
You can have pets in your own home, no need to deal with any landlord!
If necessary you can always refinance to get money out to pay for home additions or improvement, or to pay for your kids college, start a new business, buy a second (or investment) home, travel or cover an emergency expense.
Being a home owner make you and your family proud.
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Carmen Gutierrez Realtor & Mortgage Professional NMLS# 371488 D.R.E. Lic.# 01193488