Should I Buy a Home or Rent?
The question of whether to buy or rent a home
(or apartment) is something that millions of Americans try
to answer each year. There are benefits to each, and in some
cases, a persons lifestyle can be the deciding factor. If
someone loves to roam from place to place and is not really
looking to put down stakes, renting is probably the way to
go. However, if an individual or a family wants to settle
down, there are several things to consider before making a
People often talk about the pride of ownership.
That concept is, of course, subjective, but there is no denying
that many people consider buying a home to be one of the most
important things they will ever do. On a very practical level,
buying a home, as opposed to renting one, gives people the
chance to accrue equity. The house becomes an investment that
has the potential to pay high dividends in the long run. In
many cases, rent is equal to or not much less than a mortgage
payment. However, there are far fewer fees that a renter has
to worry about. There is no interest on loans to deal with,
if something breaks, the owner of the property will often
take care of the cost, and when a renter is ready
to move he doesnt have to worry about losing money on a sale.
Will Tax Breaks Affect Whether I Should
Buy a Home or Rent?
There are many renters out there who do not realize that home
ownership often comes with tax breaks. The amount of money
that one will save on taxes if he buys a house depends on
how expensive a home is, the interest rate, when and where
it was purchased, and how he is filing. However, the break
can be substantial in some cases, and people should consider
this when debating whether to buy or rent.
A lot of people rent houses simply because
they dont think they can afford to buy one. This could very
well be the case for many, but there are a number of options
available for those who need a mortgage loan. A mortgage service
can sit down with a person and discuss annual earnings, monthly
payment obligations, and several other details to help him
determine whether or not he has the ability to buy his first
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