To rent or buy – that is the question I hear from many people.
The advantage of renting a home is that it is good for people who are trying to avoid high interest rates, falling property values, or invest their money elsewhere, or need a short-term location. The advantage of buying a home is that it builds equity, deducts mortgage interest and property taxes, appreciates over time and gains value with improvements.
The disadvantage of renting is no sense of ownership, tax break, or build in equity. The disadvantage of owning is the time and money for maintenance, mortgage and taxes and based on the market and neighborhood it may be difficult to gain value or move.
Making the decision to rent or buy is a financial and personal decision as well. There are incentives for first time home buyers and risks involved depending on where you get the money for the home. At Century 21 First Realty we are here to help you with your decision to rent or buy and available for consulting before, during and after the decision. If you are wondering if you have what it takes to own a home, click on the link below to use our online renting vs. buying calculator.