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Is buying a home a better option than renting? Why?

  • February 16 2014 - Alliance
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Answers (4)

Good question.  There are many tax benefits when you own your own home.  These benefits definitely impact the tax return you will receive at the end of the year.  While renting is a good for many people there are very few to no tax benefits.  Just one of many things to consider.  Also While paying rent for 30 years which costs the same as a mortgage payment.  There is still no equity in your rental $0.00.  If you have owned a home for any period of time you may sell it and gain a profit from the equity earned over time.  $$$ Makes sense.
  • February 16 2014
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The age old question! The benefits of home ownership have been well-documented. Buying a home is an investment for you and your family and your future. For most of us, it usually requires a larger deposit (10% - 20% the cost of the home) and a long term loan (20 years - 30 years). It's usually the largest investment anyone makes in their life and, in turn, becomes your largest asset. Being strategic with this investment allows an incredible potential build up of equity that can be used for any number of big ticket purchases down the line i.e. second homes, cars, college, retirement... to name a few. 

The upside of renting is flexibilty. Deposits are usually small - typically equal to 1 month's rent. Most rental agreements don't exceed 6 months or 1 year so you can move and travel light, so to speak. As a renter, you are not obligated to pay for major repairs - HVAC, roofing, flooring, appliances, etc. which is the reality for the home owner. Anything that breaks down or needs updating is typically the responsibility of the owner.

I'd say the key is to figure out what you want and what you can afford. Home ownership is a major commitment with huge responsibilities but huge potential financial returns. Renting is less responsibility and more flexibility but there is no investment potential gained by renting. 

  • February 16 2014
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Mostly depends if you're financially ready AND/OR if you want the responsibility. Some find renting is easier because they don't have to worry about maintenance etc. Some would rather own for the price they pay monthly for rent. Plus owning you get more freedom to do as you choose to the property and get more space the list could go on. The answer however lies within. If I can answer any add'l questions, I'd be happy to help. Best wishes otherwise, Kimberly Lawson, Ohio Licensed Mortgage Loan Originator. Contact and licensing information can be found on my profile.
  • February 16 2014
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It depends.    Here's a link to a Zillow article on the subject.

  • February 16 2014
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