Rent Or Buy A Home
Here are a few points for consideration as you try to answer the question of whether you and your family need to Rent Or Buy A Home:
Reasons to rent
- Renting gives you a chance to explore and get to know an area before you have to make a long term commitment to buying and settling down into an area- a bit point when choosing to Rent Or Buy A Home.
- Career uncertainty.If there is a chance you may have to change cities for work or be relocated for business reasons, renting until that time is usually a smart option.
- Bad credit.If you have less than great credit renting can be easier to be approved for and you can also work to rebuild your credit by renting and making monthly payments that are smaller than a mortgage payment.
- Little to no maintenance expenses.When repairs need to be made, the landlord is usually responsible for most f not all of the expenses involved in keeping the rental safe, secure, and livable.
- Utilities often can be included.In some instances, your utilities are included in the payments and are paid at a flat rate so you can use the water, heat, and air as much as you want for the same monthly rental fee.
Reasons to buy
- Buying a home is an investment that when done correctly and when taken care of can actually add more money into your account. Rather than paying a landlord and making him more money buying a home can help you have more equity and better financing options as your home increases in value. This is a point that many people consider when it comes to defending whether to Rent Or Buy A Home.
- Tax deductions.You can deduct mortgage interest as well as your property taxes which can help you each year when it comes time to figure out how much you owe to the IRS. People who work from home can at times take deductions for their home office and other expenses and claim tax breaks. This option is not available for rentals, so this can be another point in favor of owning a home as opposed to renting.
- Maintenance choices.If you own your own house, you can decide how to approach maintenance, repairs, additions, and other improvements. You can do thing your way on your time and make the improvements you want to make your home better for you and your family. There is no waiting on someone else to get around to doing it, you can work on your own time frame and not be trapped and at the mercy of someone else.
Make the Right Decision
The decision to Rent Or Buy A Home is a big one and with these pointers in mind, you can be better prepared to make the right choice for you and your family.