The decision of whether to rent or to buy a place is a major one. It doesn’t just affect how much money you have left at the end of the month; it also affects your lifestyle and the size of the savings you accumulate over the years. Buying is not for everyone and there maybe occasions where it may make sense to rent. In most occasions buying is usually the better of the two. Below are some of the advantages of buying a property versus renting one. Advantages Of Buying Vs Renting Greater privacy. Homes typically increase in value, build equity and provide a nest egg for the future. Your costs are predictable and more stable than renting because they’re ideally based on a fixed-rate mortgage. The interest and property tax portion of your mortgage payment is a tax deduction. There’s pride in home ownership, which also closely ties you to your community. No Landlord can kick you out. You can take advantage of currently low interest rates Home Ownership allows you to build a second income stream – via renting a room, garage or storage space, or a specified area for gardners. Of course buying is not for everyone. If you like the flexibility to move at a month’s notice (If not locked in on a long lease) or are uncertain of your job outlook, then renting is ideal for you. For everyone else, home ownership is a solution that provides many advantages including the sense of security and well being that they have always been searching for.
