Should you Rent or Buy?
This time of year is a big time for a change! Many people are faced with transition and re-location over the summer months, finding themselves face to face with new opportunities, communities & experiences. Time and again, we hear the question, “Should we Rent or Buy?”. The decision to buy a home is one of the most important decisions an adult can make.
Often, renters view their choice as a safer option due to less responsibility while most homeowners relish the peace of mind that comes with the flexibility and freedom of owning their own home. Ultimately, the 3 main considerations when deciding to buy or rent should be:
Home price
Length of time you plan to stay
Mortgage details (interest rate and down payment)
Check out this rent versus buy calculator from the New York Times
Regardless of your decision, this remains the same…
Whether you rent or buy, you pay for the space you occupy.
Renting often leads to a frustrating realization: Rents go up! Or the owner can decide to sell, rent to another, or move – leaving you without that space you’ve been paying for and nothing to show for it. That’s right: the monthly mortgage has been paid but the equity earned went into someone else’s pocket! Equity is a powerful, natural consequence of homeownership!
Some other perks to homeownership include tax deductions. Deduct mortgage interest as well as property tax! Work from a home office? There are deductions for that too! Crave creative control of your home? What about maintenance choices? Two huge benefits for homeownership! Whether it’s paint color, adopting a pet, upgrading those kitchen counters, or adding to a room…the choice is YOURS!
When it comes down to it, homeownership is really about Freedom: Financial, Personal, Privacy, and Independence. For many, buying a home is a big part of the American Dream. If you think you can’t afford it, you’d be surprised! And, can you really afford not to? Homeownership continues to remain cheaper than renting nationally. Get the equity, freedom & financial gains that you deserve when you buy your home!
If you would like more info on making the right decision at the right time, call Crawford Team & Associates for a free and confidential consultation. We have answers to all of your questions and are experienced & highly knowledgeable in VA Loans as well!
