Renting Versus BUYING
Buying a home is one of the biggest decisions married couples will ever make, and if you've never purchased a home before, the pros and cons of renting versus buying are what you should seriously consider.
When you rent a home, you're usually not responsible for any maintenance on the home, inside or outside. If the washing machine breaks or the lawn needs to be mowed, you call the landlord. However, you're making a monthly payment on something for which you will have no collateral when it's time to move out of the home. If you have ample savings, that may not be important to you.
When you purchase a home, you're responsible for all of your appliances and all of the home's maintenance. You're also making monthly mortgage payments, and if the home's value increases before you move out, you could actually make enough money to use for a down payment on your next home. The interest and property taxes you pay on your mortgage may also be deductible on your income tax return. This could be a huge tax benefit for couples who are consolidating their finances and moving into a higher tax bracket.*
There's no right or wrong answer. It just depends on your financial situation. If you decide that owning a home makes more sense for you, let our professional staff help you with your real estate needs.
*Consult your tax advisor concerning the deductibility of property taxes and mortgage interest.