Many people wonder whether renting or buying a home is better decision. Most of the time, history has shown it is a smarter financial move to purchase a home than to rent.  The final decision is unique to each situation of course.

 

Buying

• May require a larger initial investment - the down payment
• You must be responsible for all upkeep
• If you want to move, home generally must be sold
• Equity may go up, down, or stay stagnant depending on the home’s value
• Over time, the mortgage balance decreases and equity builds
• The ability to remodel and redecorate the home to match your needs and desires
• There can be tax advantages attached to home ownership

Renting

• Smaller amount of "up-front" cash
• When the lease is up, you can just move
• Costs for the term of the lease are more fixed
• Not gaining equity, but not losing it either
• Generally less work in maintaining a home or apartment
• Even if the property goes up in value, you will never gain equity
• Limitations on what you can do to “make it your own”
• No tax advantage to renting

 

Contact us today and we can help examine what properties exist and give you a general overview of the rental market as well.