Rent Or Buy: Time To Decide

Lets be honest, buying a home can be stressful. That is why as your trusted Real Estate Professional, I’m here to help! There are many differences between buying and renting but today I am just going to highlight a few:

 

Pros Of Buying A Home

  • You gain equity: All of your money goes to purchasing your home.
  • You have the power and freedom to increase your homes equity and customize your space.
  • Tax benefits
  • You can make a profit when you sell.
  • Your mortgage will not be raised, you’ll have stable payments.

Cons Of Buying A Home

  • You usually have a higher upfront cost. (ie: home inspection, down payment, appraisal, etc.)
  • You have to pay property taxes.
  • All repairs fall on you as the home owner.
  • It is more difficult to move to a new location.

Pros of Renting

  • More freedom to move if wanted.
  • Less upfront costs.
  • Most repairs covered by landlord or property management.
  • Gives you time to work on your credit or save for a down payment. 

Cons of Renting

  • You are paying someone else’s mortgage.
  • No customization allowed, you must abide by land lord or property managements rules.
  • You have no equity when you move. 
  • Your rent will most likely rise every year.
  •  No tax benefits
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