It seems like there’s always a debate about whether it’s best to keep renting your home or become a home owner.

Sometimes renting a home is the smartest financial decision for you at the time. Maybe you are saving money for something or planning on moving soon.

However, if you’ve been feeling like rent is becoming a waste of money, you are not alone. Most investors, financial planners, and real estate experts will tell you that working towards buying a home will benefit you most in the long run and is one of the greatest investments you’ll ever make!


Paying for rent each month isn’t a waste of money by the way. You are paying for somewhere to come home to each day and as mentioned before, is sometimes the smartest financial decision at the time. However, there comes a time when your career and family life starts building up and you began to feel more confident about becoming a home owner in the near future.

In order to truly know if you’re ready, you have to sit down, reflect and reevaluate your costs. See if your current budget would be able to smoothly adjust to a mortgage payment and all of the other home owner costs.

With that being said, let’s go through all of the pro’s and con’s that come with renting a home.


No responsibility for repairs or maintenance: While you are renting, there’s never any worrying about doing your own maintenance or repairs on your home. Dishwasher broke? Landlord will replace that for you. Bad plumping? Your landlord will send a plumber over! You might take that convenience for granted until you become a homeowner and have to do all of that yourself.

No Real Estate market issues: Changing economic situations can fluctuate home values, and can possibly decline over time. As a renter, that’s something for your landlord to worry about- not you.

Flexible credit score requirements: Mortgage lenders have pretty high standards when it comes to credit scores. While a landlord does do a background and credit check, they aren’t nearly as focused on your credit history as a lender would be.

Utilities included: In some buildings and condos, it is pretty common to have some utilities included in your monthly rent payment.


Rent increase: As a homeowner, you will have a set monthly mortgage payment. If you are renting, you risk the possibility of your landlord increasing the monthly rent payment.

No equity building: Unless you are in a “rent-to-own” type of agreement, every dollar you put towards your home isn’t building any sort of equity.

No federal tax benefits: Renters aren’t eligible for any housing-related federal tax credits or deductions.

Limited home security: Although you can’t be evicted without a cause, you can still be evicted. As a homeowner, you don’t face this type of uncertainty! As long as your making your monthly mortgage payments, you can stay indefinitely.


As your career and family life builds, settling permanently into a home is most likely on your mind. This exciting move requires a bit of a risk but it’s every penny worth the investment and hard work.


Freedom to do DIY projects, re-model, and renovate how you please

Building equity over time

Great tax benefits: reports

Becoming a part of your community: Usually if you have decided to rent a home, that means you probably aren’t planning on living there and getting settled forever. As a home buyer, you’re more likely to become a part of the community, schools, churches, and invest more into your neighborhood.


Responsible for repairs and maintenance

High upfront costs

Risking potential financial loss

Becoming a homeowner is rewarding and one of the most exciting steps to take. Whether you want to customize your home or choose from our ready to move in lots, J Thomas Homes can fit all your home buying needs! If you are ready to make the move into homeownership, give us a call today! 801-383-3252 or visit our website to see our different communities, models, floor plans, and more: