SHOULD I BUY OR RENT? (Part 1)

SHOULD I BUY OR RENT is a timeless question that deserves some discussion.  There is no perfect answer; however, it is one worth exploring.  Over the next three weeks this blog will present pros and cons of both then you can weigh in with your thoughts.

History proves that families either build their own homes or rent from someone else.  The need for shelter is a primary human need.  So it begs the question why buy when I can rent?

There are several financial advantages to renting.

1. Few, if any, maintenance costs or repair bills.  When renting the burden of property maintenance is the landlords.   

2. Do not have real estate taxes.  

3. Do not have to pay a big down payment.  Although you may have to pay a deposit fee it is much less than a down payment on a home.

4. Renters may be able to budget easier as rent cost is set at signing the lease.

5. Relocation is easier and the cost to move is lower.

6. Access to amenities that may not be available if you are a homeowner.  

Reading over the list you may be ready to cast your vote in favor of renting, but let's look next at the advantages of buying a home.  We'll do just that in week's blog.