Branson Real Estate: Buying vs. Renting
Buying vs. Renting a Home
There are many advantages to buying a home versus renting one. The information below show some of the pro's and con's of buying and renting.
Buying -
The advantages of buying
- Property builds equity
- Sense of community, stability, & security
- Free to change decor and landscaping
- not dependent upon landlord to maintain property
The considerations of buying
- Responsible for maintenance
- Responsible for property taxes
- possibility of foreclosure and loss of equity
- Less mobility than renting
Renting -
The Advantages of renting
- Little or no responsibility of maintenance
- Easier to move
The considerations of renting
- No tax benefits
- No equity is built up
- No control over rent increases
- Possibility of eviction
Savings when buying:
In many cases, the amount of money a renter spends on rent can be about the same as or less than the amount a homeowner spends on a mortgage. With the tax benefit for homeowners, the savings can be significant.
source: ginniemae.gov
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Date: Friday, February, 20th 2009 @ 11:46:52 AMViews: 659
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