If you’re wondering if it’s the right time for you to buy a home, you might want to think about the pros and cons of renting versus buying. Here are a few of them, which might help you make up your mind:
Let’s First Go Over The Advantages Of Renting A Home
- You don’t have to worry about finding a mortgage lender.
- You don’t lose equity as the real estate market rises and falls; then again, you don’t gain equity either.
- You don’t have to put down as much money up front.
- You have fixed rental fees that won’t fluctuate during the length of your lease.
- All you have to do is leave when your lease is up. You don’t have to worry about selling your home.
- You don’t have to pay for maintenance of the home.
Now let’s go over the disadvantages of renting.
- Your investment never goes up. You never gain equity.
- You don’t gain an investment, in which you can use the equity for other things as you grow older.
- You’re not free to do your own maintenance.
- You can’t decorate or renovate your home any way you want.
- You can’t receive some great tax breaks that go with homeownership.
- It’s possible for the home to be sold out from under you – sometimes without warning.
So no matter how you empty your pockets, both renting and buying a home has its advantages. Whether you buy a home really depends on your personal life, and factors like job stability and personal finances. Some people are more than ready to have a permanent place to call their own, and others just don’t mind moving about.
One thing is sure – most of us don’t want to spend their entire lifetime renting. At some point, buying a home is going to be a good investment and create equity for your future.
If you’re considering buying real estate, there’s no better time to do it than now interest rates holding low (as at Jun 2014). Let me show you some of the great home buying opportunities available in today’s real estate market. Feel free to contact me, your trusted local real estate professional, by phone at (905)940-3599 or by email at email@example.com today.