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Is It Better To Rent Or Buy Your Own Home

Is It Better To Rent Or BuyWhen I was selling real estate, a lot of my friends used to ask me: “Is it better to rent or buy?” Which always led to interesting conversations.

Side note, here’s a friendly tip; don’t ask a Realtor if you should buy because of course they’ll say yes, especially if they’ll make a commission on it! Unless you know them personally and know they have your best interest at heart.

Whether it is better to rent or buy totally depends on your personal circumstances. Are you a student leaving town for just one semester or are you looking for a permanent place to stay?

Are you responsible and disciplined or are you more careless of what’s going on? Are you working from home or will you be working from home?

Is It Better To Rent Or Buy: Renting Pros & Cons

Some of the pros of renting are: easy in, easy out, no worries to structurally maintain the place, short term, no complex paper work to fill out and rent is tax deductible if you work from home (seek professional advice from an accountant for more details).

The cons of renting are: you’re not building equity in the long run, you can’t resale you’re property when you leave.

It’s perfect for students that go study away from home, or you get a job position and need a temporary location to live at while figuring things out.

Is It Better To Rent Or Buy: Owning Pros & Cons

Owning on the other hand has some huge benefits. Some of the pros of owning are: you build long term equity in your property. You can resale and make a profit. You can rent out your bedrooms to have roommates.

You can choose to rent it out and let tenants pay which builds you equity. You can deduct your mortgage interests and other home repair expenses as a write off for to your home business (again, seek professional advice from an accountant for more details).

Some of the cons of owning are: you are structurally responsible to maintain your home, there’s more complex paperwork involved and it takes more time to acquire or get rid of your place if you’re motivated.

Owning your own home is ideal if you plan on living there for a good solid couple years at least. It’s an extremely good long term strategy to build your equity while living there. Why not? The only difference is the paper work. Sure at first it can be intimidating but buying a home is not rocket science.

Is It Better To Rent Or Buy Your Own Home

In conclusion if your thoughts were: “Is it better to rent or own?” now you know that it’s not a straight forward answer as it depends on your immediate circumstances. That being said, if you’re thinking long term, I definitely would encourage you to strongly consider owning your own home instead of renting. Here’s a cool rent vs buy calculator that allows you to compare numbers side by side. 

What about you, is it better to rent or buy your own home based on your current situation?

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