Renting Vs. Buying

There is so much debate about whether to rent vs. buy, I guess it's just a personal preference.  Of course it's my job to show you the pros and cons of both. One thing is for certain two things are for sure, the cost to rent a place at this point is more than the average mortgage for the same size unit. 

Rent:

Pro's -

• Your able to call the leasing office for maintenance if something goes wrong in the unit (keep in mind they come when they want to and seldom fix it correctly the first time)
• Swim and or Tennis community (how often do you use those type of amenities)
• Appliances provided with the apartment

Con's -

• The price of rent goes up every year at renewal. 
• With an apartment, you generally don’t have the privacy that you do with a single-family home. I
• t’s easy to hear noises from apartments beside you, upstairs, or downstairs.
• You generally have a limited number of parking spaces, so parties and get-togethers are more difficult.
• You won’t get your own yard, although you may get a shared space where you can place things like barbecue grills, patio furniture, etc.
•  Apartments typically charge non-refundable pet deposits and there is less room for larger animals to exercise outdoors. 
• Being so close to other residents limits the things you can do.

Purchase a Home:

Pro's -

• Build equity — your wealth will increase as you gain more home equity 
• Gain tax advantages — mortgage interest is tax deductible as per IRS code. 
• Stabilize your payments — monthly payments are relatively steady if your loan has a fixed interest rate, while your landlord can increase the rent. 
• Have a secure place for your family to live — a home provides a permanent place where your family can live and grow, and you can decorate or expand a house the way you like to create your dream home. 
• Gain a sense of community — homeowners often are more involved in the well-being of their communities; many homeowners work together for better schools and less crime
• Maintenance choices – If you own a home, you can decide how to approach maintenance, either doing it yourself or picking your own contractor. If you live in a rental, you are at the mercy of the landlord when repairs are made and how.
• Swim and or Tennis community. You're able to enjoy amenities with neighbors that you've build a friendship with.
• Pride of ownership – It might not make sense for everyone, but having a home you own is still the ultimate American Dream.

Con's -

• Really can't think of any.

 The moral of the story is - Stop making someone else rich with rental payments. Consider speaking with a mortgage broker to see what you may qualify for.  You will never know until you try.




The views and comments on this blog are that of the owner