Rent Vs Buying

Dated: 10/01/2018

Views: 19

Renting

Advantages

  • Fewer upfront costs and paperwork
  • Freedom to be more mobile
  • Not responsible for maintenance, repairs
  • No need to worry about falling home values
  • Built credit (if your landlord reports rent payments to the credit bureaus)
  • No property tax bills

Disadvantages

  • Landlord can raise rent or sell the property
  • Choices may be limited depending on vacancies
  • Might have to move multiple times
  • Don’t build equity
  • No tax benefits

Buying

Advantages

  • May build equity and credit
  • No landlord to answer to
  • More stability (especially with schools)
  • Possible tax benefits
  • Can improve or upgrade home to your tastes
  • Property tax bills

Disadvantages

  • Requires substantial money, paperwork upfront
  • Could lose money if home values decline
  • Extra expenses beyond mortgage payments
  • Rising home prices and low inventory in many markets
  • Responsible for repairs, remodel
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Allen Nelson

Contact Allen Nelson if you are in the process of buying, selling or renting a property. Get the help finding the right home, pricing and selling a home, contracts, negotiations and more.....

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