Buy or Rent? That is the Question
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Licensed Real Estate Salesperson
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Buy or Rent? That is the Question
| Feb. 9, 2013 | | Deidron Clouden | Tweet |
Deciding whether it's best to buy or rent a home isn't an easy decision. There are financial Pros and Cons to each. Plus, whether or not you want to become a homeowner may depend on your lifestyle, so its very much a personal choice. Take a close look below at the pluses and minuses before making your move.
Pros to Renting
- Your not required to save up a sizable down payment.
- Renting is normally a short-term commitment
- You are usually free of major maintenance cost and paying property taxes - your landlord takes care of that.
- You aren't tied down to one place, and can relocate fairly easily.
- Since you are not obligated to a relatively short-term lease (a few months, or a year), committing to a particular rental isn't a strenuous decision.
Cons of Renting
- You aren't building equity (the value an owner has in a piece of property minus the debt against it).
- You can't take advantage of tax benefits (like tax deductions for mortgage interest and property taxes) only available to home owners.
- You may be subject to rent increases that you can do little about.
- You might not be able to decorate a home as you like.
- You may be subject to restrictions on pets. (some landlords don't allow them). Also, your landlord could infringe on your lifestyle - e.g., complaining about the level of noise from parties and the number of guest who stay at your place.
- You could get evicted (if the landlord decides not to renew your lease, or to sell the property) and have to seek another place to live.
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Rent or Buy? That is the Question (Cont.) |