Should you rent a home or buy it? It is a question we will or have asked ourselves before. We set up a list to help you determine what category you belong in.
Reasons to Rent
- Discover- Renting a home before buying it allows you to explore the house, the neighborhood, and the area. If you see yourself not living there in 5 years, renting is more beneficial.
- Roaring 20s- It is not that you are too young, but if you are in your 20s, you are better off renting. It is still unknown where life will take you; being locked down in a house is just too soon.
- Uncertainty Paycheck- If you are job hunting, or planning on a career change, buying a house is not a good investment at this moment. You want to make sure you are on top of your bills at this moment as well. Bad Credit is not something you want to prevent you from buying a home in the future.
- Landlords- The positive outcome with renting is when a pipe begins to leak, instead of repairing it yourself, it is the landlords responsibility. Another positive is (sometimes) utilities are included in the rent.
Reasons to Buy
- Become your own landlord- If you are planning on living in the house for more than 5 years, buyings is a better option. When you are renting, you are basically paying for your landlord’s mortgage. However, when you have your own home mortgage, you can increase your degree of ownership with every payment.
- Creative decorating- When you buy your own house, you no longer have to get the landlord’s permission to change something. YOU ARE THE LANDLORD! Grab that hammer and nails and hang two dozen pictures on your wall!
- Tax Deductions- You can deduct mortgage interest, as well as property taxes. This is a benefit Uncle Sam does not give to renters.