Buying vs Renting

A real estate purchase is perhaps the biggest purchase that a person will make in their lifetime. Whether a person chooses to rent or to buy comes with its own rewards and risks. However, owning a home comes with a few more advantages over renting.

When it comes to buying a home you have the advantage of writing the mortgage off on your taxes, which helps many people out at the end of the year. In addition, you are responsible for the utilities, taxes and home insurance that the house will need, including those home improvements that you will have to do yourself.

Renting allows the person to move whenever their lease is up, which allows for more flexibility. When you own a home you will have to rent it out or sell it when the market conditions are favorable. With renting you are not responsible for the improvements or repairs, as that is the landlords responsibility. In addition, when renting your utilities, insurance and property taxes may be included with your rent.

However, with all things considered, home ownership is the best option for the long-term benefits. The time that it makes sense to buy instead of rent really depends on the person. There may be a time in their life that they find that their money would be better suited going towards a mortgage instead of rent. And find that purchasing their own home will save their money in the end.

When it comes time to find a home, check out foreclosures and other real estate sites to see what you can find. However, if you are still convinced that renting is the best option, there are numerous sites to check out for those rentals available in the area.

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