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Owning a home is usually better than renting, but not in every case. Comparing buying to renting is a fairly complicated endeavor, both emotionally and financially. Some considerations:
You should usually buy instead of rent except when:
You intend to move within a few years.
Your rent is very low (2/3 or less of what your total monthly payments including taxes and insurance would be).
You don't expect to live more than another 15 years.
If you choose to rent instead of buy, you should save faithfully and invest wisely. If you choose to buy instead of rent, you should reserve dollars for repairs and improvements.
Owning Benefits:
Long Term Stability
Inflation means Appreciation
Federal Income Tax Breaks
Modifiable Asset
Personalized Decor
Privacy and Yard Space
Neighborhood Watch
Sense of Community
Pride of Ownership
Equity Build-up
Steady Monthly Payments
Home Equity Loan Option
Inheritance Transferability
Renting Benefits:
Short-term Flexibility
Inflation means Higher Rent
Quick Portability
Use Restrictions
Neutral Colors Only
Noisy Neighbors
Unsecured Complex
Easier to Relocate
Job Transfer Flexibility
No Cash or Credit Line Tie-up
Fluctuating Rents
No Collateral Value
No Repairs and Maintenance Cost
12134 Old River Rd
