After the housing crisis, there was a lot of talk about how renting a home can be more desirable than owning one. With the housing market steadily improving, though, this isn’t necessarily true anymore.
If you’re trying to decide which to do, here are a few things to consider when it comes to buying vs. renting a home:
- Renting can make more sense if you’re struggling financially. You won’t need as much money upfront as you would when buying a home, and you could have a tough time getting approved for a mortgage.
- Renting is cheaper in terms of maintenance. You don’t have to worry about covering the cost of repairs from your own pocket. You just have to let your building’s maintenance team take care of it.
- Buying a home comes with some nice tax benefits. You’ll be able to take advantage of tax incentives for homeowners, which can put more money in your pocket. You might be able to deduct your property taxes, the interest on your mortgage payments and origination points.
- Buying can boost your net worth. Being a real estate owner can be great for your investment portfolio, especially if you have lower mortgage payments and maintenance costs.
- Buying gives you more freedom. You can decorate your home any way you’d like and use any colors you want when painting rooms. You might face a few restrictions on your home’s exterior, depending on your Homeowners Association, but you still have a lot more interior design and home improvement options than you would as a renter.
Looking for more guidance on buying vs. renting a home? Visit Donna Hatch at destineddwellings.com .
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