Is It Better to Buy or Rent?

Buy vs. Rent – Which One is Right for You?
 

Which One is Right for You?

Both renting and homeownership have their advantages. The key to knowing whether you should continue to rent – or if you should take the next step and purchase a home – is understanding what makes the most financial sense for your life and lifestyle. Here are some of the most common things to consider when making the decision to buy or rent.
 

BUY

RENT

Financial
Interest paid on both your mortgage and property are tax deductible. Rent is not tax deductible.
When you’re making mortgage payments, you’re building equity in your home. At some point, this equity could be used for a Home Equity Loan or Home Equity Line of Credit (HELOC). Renting does not build equity; thus you have no security when you take out a loan.
Ultimately, any home improvements that lead to an increase in property value will go right back into your pocket when you sell your home. When your lease ends, you walk away no richer, no poorer. There is no profit to be gained.
You can tailor your mortgage to fit your financial needs. Choose your term: 30-year, 15-year, ARM, interest-only. There are many different options to help make homeownership affordable. Rent cannot be customized, refinanced or even locked in. Your rent can change year to year.
Quality of Life
A Home Equity Loan could potentially pay for your child’s college education or allow you to make other important purchases for your family. Paying rent to your landlord doesn’t build your bank account, it builds theirs.
Your home is your castle and as a homeowner, you can truly make it your own. Choose your paint colors, appliances, flooring, and more. When renting, you’re very limited as to what you can do with the space. Remember, it’s not yours.
Adopt a pet or two!
Your pets will have their own yard space to play in.
Pets are often unwelcome in apartments or rental homes. Even if they are allowed, their room to play outdoors may be limited.
Try your hand at gardening. Add a deck or patio. Customize the way your yard is landscaped. Nurture your potted plant collection.
Buy a home with a basement for extra storage or a play area for the kids. Renters are lucky to get an extra closet for storage and sometimes have to pay for extra space.
Finally park your car(s) in the safety of your own garage. When renting, you’re lucky if you’re allotted a parking space. Covered parking? A luxury.

Does Buying a Home Seem Like the Right Step to Take in Your Life?

Contact me today! I look forward to helping you finance your new home.
 
Take this information with you! Download a PDF of the information found on this blog post.

_______________________________________________

MILES D. RUSTH
President / Senior Mortgage Banker • NMLS 84660

C: 503.702.2151
milesr@go-summit.com
MilesDRusthHomeLoans.com
Summit Mortgage Corporation • NMLS 3236


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