Renting Can be Scary, And Not Just During Halloween Season

It is not the spooky season of Halloween that makes renting scary. There are several reasons why it can be so much less frightening to purchase property than to continue renting. Buying a home in Hampton Roads comes with many perks that simply aren't offered to renters.

What makes renting scary?

  • Tenants can't call the shots. Forget painting the walls your favorite colors, adding a hot tub in the back, planting flowering trees of your choice and replacing the existing xeriscaping with Bermuda sod. There won't be much negotiating when it comes to moving in, moving out and how long you'll have to live there either as leases don't typically give renters the upper hand. Want to move mom in or adopt that Doberman? Too bad because if you don't get your landlord's prior approval in writing then you won't be allowed to add to your household as you see fit.
  • Rent payments never amount to anything. When buying a home, payments obviously go towards the purchase price but when renting- those payments go nowhere. Renters will never see even a fraction of these monthly payments they've handed over for years- scary!
  • Little to no tax breaks. Homeowners receive tax benefits just because they own homes, while renters receive nothing. Who doesn't want lower income tax payments while having a true home of their own?

Don't get scared when the trick-or-treaters come out this time of year. Even serial renters can easily make the switch to homeownership and be rewarded for doing so!

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Categories: Home Buying

Cities: Virginia Beach Chesapeake Norfolk Williamsburg Newport News Hampton Suffolk Yorktown Richmond

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