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Is It Better to Buy or Rent?
Is It Better to Buy or Rent?   By Brian Kelly
Prudential Rand
 
The market is ripe for buyers right now. Interest rates, although slightly higher than this time last year, are still at an all-time low, and the National Association of REALTORS® predicts that 2006 will be the third all-time best year in real estate. So naturally you should be telling your landlord goodbye and saying hello to your dream home, right?  Not so fast. Certainly, owning your own home has its benefits. But, is the dream of homeownership really one you should pursue?  It all depends on your circumstance and needs.
Buying a home is such a large investment, possibly the largest purchase you’ll make. So, careful deliberation should be made when deciding which is better for you: rent or buy.
The advantages to being a renter is that your monthly costs are fixed. There’s little to no responsibility for maintenance of the property. And, it’s easier to pick up and move to another location. However, the disadvantages are your rent typically increases each year and there is no guarantee that your lease will be renewed. In addition, you don’t earn any equity nor will you reap ... more

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