No down payment. Do need security deposits and possibly first and last months rent;
Moving expenses in and out;
Can't lose money from falling home values;
No property tax;
Rent can rise with inflation;
Usually you get less space for the money.
No tax breaks, your landlord gets any and all tax breaks available.
Owning:
Ongoing repair and maintenance responsibility;
Down payment required, but for some, can be little or no money;
Can gain value and be available as a loan resource (equity loan);
Equity may go up, down or stay stagnant;
Moving expenses in and out;
On-time payments create good credit record. Late payments can harm credit score;
Over time, your mortgage balance decreases and equity builds, even if the value of the home does not increase;
Property taxes, insurance, etc.
There are tax advantages to owning a home (consult competent legal and/or accounting advice for details on your situation).
Renting:
When the lease is up you can easily move out;
Flexibility;
Less work in maintaining a home or apartment;
Able to check out the neighborhood before making a permanent commitment to live there;
Less stressful than choosing a home;
Typically there are restrictions on noise, use, design, pets, children, etc.
Owning:
Moving typically requires more thought and time;
Definitely more responsibilities;
Requires the choice of neighborhood and home;
The ability to remodel or redecorate the home to match your needs and desires;
No restrictions on who occupies the home or how to use it (apart from Home Owner Associations);
Pride of ownership.
Should
you buy or rent?
Should you sign another lease or should you jump in and buy your first
home? So many ask themselves, "should we rent or buy?" There is no right
or wrong answer to buying or renting, the best decision is what is best for
you. What is most important is that you do your homework. Put into
consideration your situation financially, your commitment, weigh out the
costs, responsibilities of homeownership. Start the process of getting pre-qualifed and getting yourself organized. Understanding the process of buying the best home.
Despite the
risks and responsibilities, most people enjoy homeownership. There are many rewards
as mentioned above. Purchasing a home is generally a sound investment. As
you are paying down your home loan, you are building equity. Not like most
purchases, a home purchase can increase in value over time.
There is no
question that people that own a home are typically better off long term than
those that are renting. There are many ways to make home ownership a reachable goal.
When you are ready to buy and looking in the Phoenix metropolitain area, hire a REALTOR® like myself, who wants to earn your business. I invite you to contact me direct to assist you with all your real estate needs or questions! I will happily guide you through the biggest decision of your lifetime, don't
hesitate to contact me at 480-202-3558 or email me at
CRobinson@HSmove.com. If you
need additional guidance on all the preliminary steps in purchasing a home such as
getting pre-qualified be sure to contact me and I can help you every
step of the way.
Candace Robinson HomeSmart Real Estate| 1745 S. Alma School Rd. |
Mesa, AZ 85210 | 480-202-3558
Candace-I love the way you think way outside the box. This is absolutely fabulous. Many prospective buyers will be fond of this post as well. Keep up the great blogs.
Candace- Very nice and Honest. I think most folks would rather own... your chart may help convince them. The chart is great and looks very professional...Do you run this in "for Rent" magazines??
Julie- Thanks for your sweet, kind words. Outside the box---hmmm never considered that before about me. Kewl!!
Keith- No, haven't published it in a for rent magazine, however a pretty good idea. Just drafted these graphics and post up today!! I am a Photoshop junkie!! Thank you for your compliments. My Buying the Best Home series derives from my oldest son considering buying his first home in the next six months. I'm hoping this will answer a lot of his questions. He doesn't quite see the benefits. Mommy is trying to convince him of the rewards, perks and bennies since he is young and with very little overhead and could use a good tax deduction!! Thank you for your kind words and for stopping by.
Hi Kim - Thank you for your kind comment. I know this firsthand with my son who is trying to determine why he should buy his first home. I am trying to put this series together for him so to help him understand the advantages of homeownership. I think it's working.
I sometimes adverise in The Real Estate Book- one of the little real estate ad magazines that you find in restaurants and groceries, etc. It is the one type of print ads I will do ever. But I like to include a Call to Action in my ads, and to change them some so they aren't static.
Sarah - Gotcha! That is cool...set it up and shoot me an email of it if you can, I would like to see it! Great eye catcher for sure! So glad you came by and I appreciate your comments.
Hi Carl - Thanks for stopping by and for the kind words. Since I enjoy working with graphics and photoshop it doesn't take as long as most think. Now writing is another story!! I need to work on those skills. Have a great day!
Gilbert Arizona Real Estate - Candace Robinson 
;)
;)
wow great presentation Ms. Candace..... extremely impressed I am ::::bravo bravo::::