Owning vs. Renting:
What is the Right Decision for You?
So what are some of the benefits of owning a home? owning a home is a way to build equity is one of the main financial reasons prospective buyers choose to purchase in addition to the satisfaction of homeownership.
Owning a home not only gives you satisfaction, the freedom to make repairs decorate, and other freedoms someone renting does not.
Reasons to Rent
Benefits for Renting
- Freedom to move as needed if not in a lease with the options to stay within the neighborhood or to find a different area in the county or another state.
- Checking or evaluating an area if interested in buying in the near future.
- Working on a career or career uncertainty including limited income or the fear that a mortgage loan can not be obtained.
- Credit challenges we have worked with borrowers that prior to purchasing many had credit issues that must be corrected with the assistance of our mortgage lender partners we can evaluate a credit report to suggest options for corrections this is a FREE service.
- No or limited maintenance or repairs renting a property the owner or the management company makes or arrangements for proper repairs.
Reasons to Buy
Important benefits of owning a home
- When you own each mortgage payment increases the percentage or degree of ownership in the home benefit renters don't have. Another benefit is the ability or the option to borrow against your ownership with the options for a HELOC (home equity line of credit) refinance to better loan terms you can calculate the benefit
- Tax benefits, you may be able to reduce the mortgage interest as well as your property taxes another benefit renters don't have. If you sell the property you may be able to keep the gains of up to $250,000 if single or $500,000 if a married couple with some requirements for occupancy it is also recommended that you speak to a tax advisor for a full evaluation regarding tax savings.
- The freedom to upgrade or making changes with proper city approval and the ability to have a gathering with family and friends and most importantly the freedom to enjoy your home without the restrictions a renter has.
- The only possible exception may be if the property belongs to a home association in which case you have the freedom to read the minutes and the CC&Rs prior to the purchase allowing you to conduct a full evaluation.
Everyone needs a place to live evaluating your options is the first step we are here to provide you guidance
You also have the freedom to see if renting is cheaper with our calculator you can take a look by looking at actual numbers for a better understanding
We understand this may be confusing, let me provide you with additional information the service is FREE and without commitment
Contact me today!