“Is it better to rent or own?”
Owning a home – it’s the American dream, but, is it really the best choice? No need to fear, Christopher Companies is here!
We have gathered a number of different resources to compile the ultimate renting vs owning guide.
RENTING:
- May be more affordable short term, but you cannot build equity in your rental home, nor can you make a profit off your rental home
- Rent cannot be re-financed
- Not expandable or easily altered – where you live belongs to your landlord, who will be the one to benefit from the property tax benefits
- Ability to “pick up and go” when you please, however there are often consequences to breaking a lease term.
- Landlords can change rental or utility rates at the end of a leasing period
OWNING:
- The interest and the property tax you pay on your mortgage is tax deductible (and interest rates are at historic lows!)
- A fixed mortgage lets homeowners know exactly what their monthly payments will be
- You can build equity in your home
- An increase in value means more profit for you when you sell your home
- A sense of freedom and independence
- You won’t get charged for owning a pet
- You can choose your own providers
- Ability to make renovations, which could help to increase the value of your home as well
Sources:
Rent vs. Own: Which Option Is Best for You? – Squarefoot Blog
Buying a Home Is a Perfectly Fine Decision. It’s Just Not a Financial One – Time.com
