Renting Vs. Buying

The decision to rent or purchase property is a personal one. The answer depends not only on the real estate market and national economy, but also on your own personal preferences, dreams and aspirations. A home can improve your net worth, providing a worthwhile estate to pass down for generations to come. Home ownership has traditionally been viewed as The American Dream. To millions of men, women and families, it still is.

When deciding to buy or rent a home, consumers should contemplate several important factors. For instance, how long do you plan to live in the community? Are you planning a family? Will you have time for yard work and general upkeep? A home is much more than an investment. It’s the soil, foundation and memories you will carry with you for the rest of your life. It’s security. It’s freedom.

Financially, home buyers should also think about the expected annual appreciation rate of a home’s price to that of annual rent payments. Include operating costs, association dues, annual property taxes and insurance payments in your calculation, alongside tax benefits most payers garner with property ownership. Your real estate professional can also research state, county and community price trends along with the forecasted growth outlook.

When you meld the emotional and financial pros and cons, a clear winner will emerge.