June 14, 2018 | Anna Veloz

Should you rent or buy? Making a decision to buy a home should not be taken lightly. So it’s important to take a good look at both sides of the equation when deciding whether to rent or buy a home.

Advantages of Renting a Home

  • Flexibility. Move when you want with fairly short notice
  • More funds available for investing
  • No maintenance responsibility

Advantages of Home Ownership

  • Initial mortgage payments go towards paying your interest
  • Each payment you make increases your share of your home’s value
  • Equity increases your wealth
Rental payments do not contribute to your overall wealth

  • Mortgage interest and property taxes are deductible from federal income taxes
Rental payments are not

  • Tax savings can make owning cheaper than renting

  • Fixed-interest-rate mortgages mean you pay the same amount every month for the length of your loan
  • Your payments stay the same regardless of inflation
Rental payments may be raised every month or year, depending on your lease term

  • Home ownership secures a place for your family to live and grow
When renting, you run the risk of not being able to renew your rental agreement

  • Owning a home means you don’t have to abide by a landlord’s rules
  • Paint, decorate, and landscape to fit your tastes
  • No restrictions on pets, noise, or remodeling other than the legal ones

  • Owning a home makes you invested in your neighborhood
  • Homeowners tend to be more involved in the community that renters
  • Homeownership gives you  sense of place and belonging

Source: Pinterest Infographic
Some Text Adapted from: NewHomesforSaleNC.com
Some Text Adapted from: ForRent.com


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