Should You Rent, or Should You Buy?

Planning to move in the near future? Whether you’re starting a new job in a new city, getting married, or simply craving a change of scenery, there are plenty of reasons to move. In addition to deciding where you want to move, you also need to determine your budget, how many bedrooms you’ll need, and if the area can accommodate your family and lifestyle.

Somewhere in the midst of this decision-making process, you’ll undoubtedly be presented with this question: Should I rent, or should I buy?

For a variety of reasons, deciding whether to rent or own can be a difficult decision and is completely dependent on your individual needs. Although many people buy a home as a way to build equity, this can also be a risky decision depending on the state of the real estate and housing department.

Here are a few quick points to keep in mind when deciding whether renting or owning is right for you:

Why should you rent?

• It’s a lesser commitment. Buying a home is a wonderful commitment, but it’s also just that: a commitment. Renting allows you the flexibility to live in a variety of locations over time, without the long-term obligation.
• Allows for relocating. Many careers will require you to relocate over a period of time, often without much warning. Renting simplifies the relocation process, allowing you to better accommodate for changes in job or location.
• Build a credit. If you’re paying your rent in full and on time, it can assist in building the credit you’ll need when you apply for a mortgage down the road.
• Property maintenance. When you’re renting and something breaks or isn’t working properly, it isn’t your responsibility to fix or pay for its repair. Instead, you call the landlord, whose responsibility it is to handle the maintenance expenses. (Bonus if utilities are included!)

Why should you buy?

• Build equity. Buying a home is a great way to build equity. When the market is in your favor, buying a home can be a great investment.
• Tax season. Did you know that mortgage interest and property taxes can be deducted?
• It’s your home. Although it’s wonderful to have assistance with maintenance as a renter, the benefit as an owner is that you can keep the property maintained to your liking at all times. In addition to this, you are free to paint the walls, renovate, and add extensions however you please. If you know you are ready to commit to one location for many years, buying a home is a great way to build years of wonderful memories with our loved ones.

Whether you’re renting or buying, remember to always make sure that your property is protected with a customized homeowners policy. Contact our agents today to find the best policy for you!