Should I Rent. Should I buy? When should i rent? What should I buy?🏠☀️
Those questions are just a handful of the millions of thoughts that run through first-time homebuyer’s minds. This post is designed to explain the pros and cons of both, and help you determine what’s right for YOU!⚡️
RENTING✨
PROS
– Mobility/freedom to move around
– Landlord pays for maintenance
– Doesn’t require expensive closing costs
– No fluctuation in monthly housing expenses
– Allows you to test-drive different living spaces
CONS🌪
– You don’t build any equity
– Limited ability to customize your living space
– Rent could go up over time
– Landlord might sell or decide to stop renting
– Limited sense of home stability/permanence
BUYING⚡️
PROS
– You build equity over time
– Home value may increase over time
– You may reap tax benefits
– Unlimited freedom to customize your living space
– Sense of home stability/permanence
CONS
– Closing costs can be prohibitive
– Responsibility for maintenance and repairs which requires time and effort
– Less flexibility to move (at greater difficulty/expense)
– Home value may decrease
– Recent tax laws could hamper tax benefits
Overall, the decision you are facing to either rent or buy a home cannot be determined by anyone but you. What are your circumstances like? What do you see for your future, and where are you at financially? Whatever the circumstances, I wish you luck!