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5 Tips to Help You Decide Whether It Is Better to Buy or Rent
If you are caught up in the debate about whether it is better to buy a home or continue renting, these five tips might help you reach a decision.
I have five tips you can use to help settle the debate about whether you should buy a home or continue to rent.
1. Renters are essentially paying the landlord’s mortgage. Why not pay for your own mortgage? Does it make sense to continue to pay for someone else’s?
2. When you rent, there are restrictions on what updates you can make. You can’t always paint the way you want to. If you are enthusiastic about decorating or updating, renting is not ideal.
3. When you sell a home, you can take the equity with you. For example, when you rent a home, there are often fees associated with it, like move-out fees, cleaning fees, and others that can add up pretty quickly on top of the moving expenses themselves.
"If you are enthusiastic about decorating or updating, renting is not ideal."
4. Pet restrictions. Many people love to have our own pets, but many apartments and rental homes do not allow pets. If animal companionship is important to you, homeownership is better.
5. Homeowners can take advantage of tax deductions. With the nex tax reform, buyers are able to deduct interest on the first $750,000 of a mortgage—that is a lot of money. You can also take advantage of $10,000 in deductions on state and local taxes.
If these points fail to convince you of which is the better option, please feel free to reach out to me. I’ll answer any questions you have and help you move forward down the right path.
Brandon began his real estate career in 2001. Over the years, Brandon has gained a lot of experience and knowledge of the real estate market and doing so he so is able represent his clients in the bes....