Many of your clients are looking to buy homes, but some may only be interested in renting. Which route is best? There are pros and cons to each one, but it mostly depends on their lifestyle and financial situation. Here are a couple of advice points on how to help your clients look at their options and make the right choice.
-Benefit to renting: Renting offers “unparalleled flexibility and mobility”. If your clients are in a transitional phase, like the prospect of a new job or an expanding family, renting may be the best option for them at this point.
-Benefit to buying: There are great financial benefits to owning a home, including income tax breaks. For most homeowners, property taxes and some interest on one’s mortgage are deductible, which can lead to an eventual paying-off.
There are lots of things to consider when helping your clients decide whether to buy or rent, so make sure you are prepared to help them through the evaluation process. Read my full post for more real estate advice on which option your clients should choose.
Ilyce Glink is the author of several books, including 100 Questions Every First-Time Home Buyer Should Ask and Buy, Close, Move In!. She blogs about money and real estate at ThinkGlink.com, The Equifax Personal Finance Blogand CBS Moneywatch She is Chief Content Strategist at RealtyJoin.com, a community for real estate investors.