To rent or to buy? This is a decision many people face and the decision is not as easy to make as it may sound. This is not a question you can answer over night and often requires a lot of assessment and calculations. And remember - there is no right answer as everybody is different and has different situation.
There are many advantages and disadvantages of owning a home versus renting a home. As a homeowner, you can reasonably expect the value of your home to increase over time. This will increase the amount of equity accessible to you, and could reap major rewards to your financial position in the long-run. Of course, you also have to place a value on the enjoyment and satisfaction that you will derive from owning your own home.
On the other hand, if you were to rent a home during the same period of time, you are left with no equity and no property investment since you don't own the home. However, you may have enjoyed lower living expenses and had the opportunity to save more money compared to if you owned the home.
There are many factors to take into consideration when deciding whether it will be beneficial to own or rent a home. When comparing owning to renting, you have to add up all of the figures, including the cost of your home, the size of your down payment, utilities, immediate repairs, interest rates and insurance, and compare them with how much you are currently spending on rent.
Your real estate professional will assist you weigh out the pros and cons between your options and eventually help you come to the best decision. Contact me for more information.