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Owning Vs Renting a Home

“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

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 Best Places to Raise a Family in VirginiaWhy An Open Floor Plan Works 

Location Information

10461 White Granite Drive,
Suite 250, Oakton, VA 22124

703.352.5950

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Phone: 703.352.5950 Address: 10461 White Granite Drive, Suite 250, Oakton, VA 22124
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Details, dimensions and specifications displayed or shown on floor plans and home elevations may be approximate and are subject to change without notice. Please check with your sales consultant for the latest information.

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