Categorized | Business, News North

Rent vs. Buy

Posted on 17 March 2012 by Rachel

Although housing prices have been increasing in most places in the United States the housing market in the United States is still not anywhere it used to be. So the question is should you still be renting or is it time to make the jump to home ownership before housing once again gets out of reach for many people. Here is a list of some of the pro’s and con’s of doing either.

Housing Benefits

  • You own it, you can do whatever you want to your house. There is an amount of pride being able to say you own a house.
  • No HOA fees. Most of us don’t like them but when you own a house you don’t have them although you do have to pay for everything yourself.
  • Tax benefits.
  • Historically overtime value of the home increases creating equity.

Housing Disadvantages

  • If something breaks you have to fix it, if the hot water heater goes out you have to pay for it.
  • If you aren’t planning on staying for the short term closing costs may outweigh the value increase and you may not actually make any money or have any equity.
  • Not as free to get up and leave if you aren’t happy.

Renting Advantages

  • If something breaks like the dishwasher, the landlord is generally responsible to fix it.
  • If staying short term may actually end up saving money.
  • Less work in maintenance.
  • Small deposit compared to big down payment.

Renting Disadvantages

  • Doesn’t create equity
  • Not able to fix up house or remodel
  • No tax advantage

There is no black and white answer to this question. It depends on your individual circumstances. If you plan on staying long term and find a great deal act on it. Look at the options but most importantly in either case don’t pay for something you can’t afford. Take time and research more about owning a home, talk to others, and see if it is right for you; renting may still be the best and most comfortable option and there is nothing wrong with either.

Leave a Reply

about the Stock Market Accent chairs acrylic awards and plaques Advance Auto aortic aneurysm Arranging Your Furniture Car Maintenance Issues charities charity Cloud Storage 101 Common HVAC Questions Daily Brushing Devachan Salon earphones company Face Shaving Tips financial advisor newsletter finding home Find Web Hosting giving back Home homes for sale Java Code for Business Websites Luxury shaving supplies Masters Degree Modern Technology New Costumes for 2013 office space in Houston online photography course orangesoda local internet marketing Photography Skills property management Utah Property Manager real estate Rehabilitation for Women ROI from Internet Marketing Safe Workplace Smile In Tip Top Shape software development stair nosing Starting a Small Business Successful Business The Art of Shaving Types of Investments Types of storage University of Denver

Related Sites