Disadvantages of Renting
The lack of freedom:
As a renter, you are limited in what you can do to a property without the landlord’s permission. Want to knock down a wall or paint? Don’t even think about it. If you want to have it your way, you have to own it.
Be especially concerned if you have pets, because this will limit where you can rent and cost a lot in deposits,and heaven forbid that Sparky likes to chew on things this could cost you a lot of money!
No tax advantages:
Renters miss out on a lot of valuable tax breaks that owners can claim. These include deducting ALL the interest paid on mortgages, writing off certain repairs, credits for energy-efficient upgrades and more.
No investment or equity:
Over time, most real estate will appreciate and create a source of wealth for the owner. Renters build nothing more than an empty register of check stubs. Of course, if you can rent for a lot less than it would own that money can be invested and still work for you.
As a renter, you can not control where you live beyond the terms of your lease. You can be forced to leave at any time even before your lease is up if the owner needs to sell. You can also be evicted for any reason, and have the owner place a 24 hour notice on your door and come in when they want. It’s coming up more often especially in today’s market that owner’s can’t afford to pay their rental properties mortgage due to option arm mortgages with monthly mortgages increasing a few times a year. The landlords are simply keeping renter’s money and a renter suddenly get’s foreclosure notices and the bank does a lock out and they can’t get in when they get home. As an owner, as long as you can pay your mortgage and taxes, you can stay put without interuptions and you leave when you are ready.