Buying vs Renting:The Pros and Cons

By: Trong Dang

Buying vs Renting:The Pros and Cons

Tags: Trong Dang - TD Home Team, Inc.

First and foremost, there is no universal yes or no answer to this question seeing that real estate is in a constant flux and just the thought of finding a place to live can be overwhelming for some. 

Given the hefty upfront costs associated with purchasing a home, most young people begin their independent lives renting an apartment. As they build careers, save money, and start families, many choose to buy a home. On the other end of the age spectrum, homeowners nearing retirement may choose to sell their family homes, downsize, and become renters once more.

Many things go through our mind before a decision can be made - the first question is, "Should I buy a home or should I rent one?" 

Before taking the big step, you'll want to consider what is best for you in the long run. Due to American culture idealizing homeownership to a certain extent, emotional and social pressures can affect the decision almost as much as financial concerns. Starting with "How much are you willing to spend buying home or renting a home? Which is a better investment for me?"  can help alleviate some uncertainty. 


Here are the common "Pros and Cons" of both sides.        
 
Pros of BUYING a Home:

Deductions: The interest and property tax portion of your mortgage payment is a tax deduction
 
Cons of BUYING a Home: 
   
Pros of RENTING a Home:
   
Cons of RENTING a Home:
   
Here are the factors to consider when comparing buying to renting a home:
So ask yourself, which one is better. Is it Renting or Buying a home? 
We all know that money plays an important role in both decisions, whether buying or renting. You also need to consider that both options have their good and bad factors or fundamentals.
But nowadays, most people generally prefers owning a homes rather than renting because when the mortgage rates are low, and rent increases in big cities, buying a property is likely the better option as owning a property provides a more permanent and secure place to live and build your life.


John Spence, a known musician once said - "Don't think of the cost, think of the Value."