Rent or Buy? That is the question. There may be times in life when the decision to rent is the preferred option, but there are valid reasons why buying is usually the better choice overall. Short term renting, two years or less, may be necessary in uncertain times. If your employment is temporary or unstable, it could be best to delay home ownership. Moving around from city to city or state to state could be a reason to hold off as well. Once you purchase a home, you will want to stay in one place for more extended periods of time. Other reasons such as a significant change or loss in your life can be a time of transition, and waiting to buy a home could prove to be wise. Likewise, renting a home while saving and preparing to be a homeowner is a necessity for most of us.
But, make no mistake. For the majority, especially in today’s market, purchasing your own home opposed to renting one is usually the better choice. Few investments can be as rewarding as owning your own home. Having creative control over your domain can be considered a big perk for some. Most likely, we’ve all had to rent at some point in life, and we know that making a rental feel like a real home can be challenging. Even so, the main reason it is best to buy is the fact that you can build equity and save money in the end. Of course, the real estate market can be somewhat slow and steady, making it a fairly risk free investment. And, you have to provide yourself and family with a home, so why spend your hard earned money paying someone else’s mortgage? The monthly cost of renting usually exceeds the amount of the monthly mortgage on a similar property. Building your own equity, you will be reaping the financial benefits of homeownership. And, let’s face it! The tax deductions that come along with owning are much better than with renting. With that said, it’s important to “buy smart.” After all, your home is an investment, and you must approach it as so.
In order to insure that your home is an asset, you will want to take the necessary steps to “buy right” from the very beginning. This means selecting the best real estate agent and a reputable mortgage company as well as choosing the right home in a neighborhood with a recent history of increasing values. This will all but guarantee a return on your investment from the moment you close on your new property.
To discuss whether renting or buying a home is the right path for you, contact The Scherer Team today and our expert agents will be happy to assist you! Call us at 888-300-4431 to schedule your complimentary consultation today!