Rent vs Buying a Home

Owning a home has been called the American Dream. With being a homeowner comes a lot of satisfaction and pride. The down side is there are plenty of extra costs and maintenance. Also how can you be certain you are ready to take the plunge. 

Pros of Owning a Home

When you pay rent every month that money is gone but paying a mortgage that money goes to work toward ownership. In time your home will most likely appreciate depending on the market and condition of the home. Also costs associated with owning a home like property taxes and mortgage interest, but many taxes are deductible when you file your tax return. Another freedom of owning a home is being able to renovate making it to your taste. 

Cons of Owning a Home

When owning a home it is more difficult to relocate. Selling a home is more difficult and costly compared to ending a lease. You will incur more expenses owing a home like homeowner's insurance, HOA Fees, property taxes and monthly expenses. Not to mention maintenance and repair costs. Another consideration is your monthly rent may increase when renewing a lease. 

Deciding to Rent or Buy

Deciding to buy or home for to rent is not an easy choice. To help determine the actual costs of purchasing a home it is recommended to speak to a Real Estate Agent who if familiar with the area you want to live in. Your agent will be able to get real numbers, guide you in the buying process and give helpful advice. For more inforamton on the Pro's and Con's of becoming a homeowner contact Allen Deaver of Asset Realty today.