Low section view of a man standing by text Rent and Own with arrow sign represents the concept of home ownership.

Out of the conventional living options, renting often comes with the least amount of pressure. That is not meant to imply that renting is always stress free or that renters do not want security or longevity. They just retain the right to move. With renting you may have a lot of freedom but you aren’t necessarily building equity. Finding the right place to rent takes effort. Most places require renters to sign a 12-month lease. So even though it doesn’t lock you into that place for life, it does require that you pay rent for 12 months. Here are a couple reasons why you might not want to renew your lease this time around.

Rent is going up

You would think tenants would be rewarded for their money invested or for not jumping around from place to place but unfortunately landlords usually do the opposite. Landlords tend to raise rent when it comes time to sign a new lease. Check out the top ten cities where rent is rising the fastest here. Landlords usually send a letter or email to tenants about the raise in rent and sometimes it is only weeks before you have to resign or move out. Don’t let this happen to you, think twice before renewing your rent.

Landlord Issues

Many people start their own business because they want to ‘be their own boss’, well the same thing works for buying a home. Buying a home is being your own landlord, you get to choose the paint colors that you want, if you want to hang stuff on your walls or not and what appliances you will have in your home. It is your way to make your own decisions and not worry about repercussions. You also get to decide when it is time to go or stay. If you want to stay ten years, that is up to you. You are in control.

Interest Rates 

At the end of last year, there was a fear that there would be a huge hike in interest rates. The Federal Reserve informed citizens of the United States in December of 2015 that after years and years, the economy and the housing market has finally recovered from the devastation that started back in 2007. Fortunately, the Federal Reserve agreed that these changes would be extremely minor and over a long period of time. You were not going to wake up one morning to insane interest rates. The rates have not seen much of an increase, but there is no way to determine how long this will last. If you are thinking about buying a home, make sure you don’t let these low rates get away. Contact First Ohio Home Finance to get started today (888)-818-1850.