Should you continue to rent or should you take that giant leap and buy a home? As Real Estate Agents we LOVE selling homes and there is nothing more exciting than when a buyer closes on their first home. The dream of homeownership is the ultimate goal for many. However, there may be some circumstances in which renting makes the most sense. Here are some reasons to help you decide…renting or buying which right for you?
When renting is the right choice
There are many benefits to renting instead of buying. For instance, if you plan on moving frequently, it is often more cost effective to rent . In addition, you might find renting more appealing because of these perks:
- As a renter you are not responsible for maintenance issues or repairs. Therefore, this is money saved. The cost of home maintenance can add up quick!
- No long term commitment . This is beneficial if you transfer jobs or desire a career change. You remain flexible.
- Oftentimes, utilities such as water or trash are included in the rent.
- Renters do not pay property taxes, homeowners or mortgage insurance. More savings!
- You can get into a rental without making a large down payment.
When buying is the right choice
Are you planning on staying put for a while? Do you dream about painting walls, remodeling and creating the home of your dreams? Then, it might be time to buy a home. There are many good reasons to buy a home and here a are few:
- If you plan on being in your home for more than a few years , and with interest rates at an all time low, you might consider buying. Check out this link to compare your payments for renting and buying~https://www.realtor.com/mortgage/tools/rent-or-buy-calculator/
- Building Home Equity- Home equity is the difference between how much you owe and how much your home is worth. Home equity provides the home owner the opportunity to use the equity, via a home equity loan, for such things as home upgrades or paying off debt. The longer you are in a home, the more equity is built up. When it’s time to sell, the equity can be used to reinvest in a new home.
- Tax advantages- Interest on home loans and property taxes are often tax deductible.
- As a home owner you are free to paint, remodel, and landscape. It is your home, so you can personalize it to your own tastes!
Renting or buying, the right choice depends on your needs
Renting or buying which is right for you? There are tremendous benefits to both. Your choice will depend on where you are in life and your end goals. Therefore, doing what is right for YOU is always the best decision. If you decide to take that first step towards homeownership, and would like some guidance, we would love to be your guides.
Written by Rondie Martin
Realtor® ABR® e-Pro® SRES®