canstockphoto6001244If you will soon be moving from your current home, you maybe stuck in making a decision as to whether you should buy or rent a home. The answer to your question is it all the depends on your circumstances. There is really no right or wrong answer for every person. So which option is best for you? Here are some things you should think about and determine which option is best for you.

 

Responsibility

Do you want the responsibility of the upkeep of the home? When you rent, the landlord is responsible for the maintenance to the property. You aren’t even responsible for keeping up the yard in most cases if you live in an apartment or a condo. However, if you rent a home this will probably be up to you.

Renting usually requires less responsibility than buying a home. This means you can spend your time and energy on more fun things rather than worrying about the ongoing expenses.

 

Paying Taxes

When you buy a home, you will have to pay property taxes, home maintenance expenses and homeowner’s insurance. After all, if a theft should occur, you are responsible for it. This often makes buying a home more expensive.

On the other hand, if you’re buying a home, it could net you some tax advantages. You can often deduct the interest on the loan payments and the property taxes that you pay from your income. This will give you tax breaks, which can’t be done if you’re renting.

 

How Long Are You Going to Remain In the Home?

When you buy a home, you are going to be tied down to that place for a long time. Although, you don’t have to keep it for the length of the mortgage, it will be much more difficult to move than if you’re renting.

Selling the home will take a lot of time and energy on your part.  If the home has depreciated in value, especially in a downward economy you will run the risk of losing a lot of money.

 

 Equity

A disadvantage to renting is that you will have nothing left when you are done. This means you are certain to lose money.

On the other hand, when you’re buying a home, you will have the chance to break even or make a profit from the sale. An advantage to buying a home is that you have the option to rent out a portion of your home that will put more money in your pocket. You can even buy a new home while placing your current home up for rent. Buying will provide more financial stability.

As you can see, there are advantages and disadvantages to buying and renting a home. If you are planning to move place to place, then renting will be the best option for you. However, if you would like to remain in the home for a long time, then buying will probably be a wise choice. Think about these things before you make a decision.

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