Should You Rent or Buy?

11415768915_83a98098aaThinking about moving? Whether you’re relocating to an all-new city, heading across town, or spreading your wings and landing your very first place, moving can be a very exhilarating experience! Aside from where you want to move, though, you will be faced with one of the most important questions – should you rent or buy?

The answer to your question will depend on a many different factors. To give you a brief overview, here are a few pros to why you should buy and why you should rent:

The Pros of Buying

It’s All Yours in the End – When you pay off your home, it’s absolutely all yours! Better yet, you won’t need to pay off your mortgage once you reach that point. You’ll only need to continue paying your property taxes.

You Get to Be More Creative – After you buy your home, you get a lot of freedom to do whatever you’d like. You can paint the walls whatever colors you want, hang up your favorite paintings and photos, and make home improvements as long as they don’t break local building codes or any homeowners’ association rules.

You Could See Tax Benefits – These tax credits, which can help offset some of the costs of homeownership, aren’t available to renters!

Build Up Your Equity – Homeowners have the unique opportunity to build up their home equity in time. Any updates you make to your property can increase its curb appeal and your home’s value. Renters can’t experience this!

 

The Pros of Renting

Cut Some Costs – When you buy a home, you own it, but you also have to pay quite a bit in interest and taxes. Renting only requires you to make your monthly payment to your landlord, along with your utilities if your landlord requires it (some don’t!).

No Hassle for Repairs – If a pipe bursts or your air conditioning unit breaks down, you don’t have to hassle yourself with finding a professional to make the necessary repairs. Just call your landlord or superintendent. Better yet, you don’t have to pay for it!

Relocation Is More Convenient – If you happen to have a job that requires you to relocate frequently or if you’re just starting out in your professional life, renting is usually an easier option. It’s often much less time-consuming and easier to relocate if you rent your home or apartment.

Although there are many pros to renting and owning your place, there are several individual factors that you need to take into account along the way. You’ll have to look at rent prices and the cost of housing in your area, interest rates, your own financial situation, and how long you plan to live in your home, just to name a few. Either way, it all comes down to crunching some numbers and determining what’s right for your own situation.

Whether you choose to rent or own, you can count on one real estate team to help you find the perfect place – The Massey Team at Berkshire Hathaway HomeServices Elite Properties. Call us today at (618) 791-5024 or (618) 791-9298 to begin your search today or view our many listings online at www.dianamasseyhomes.com!

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