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Should you rent or buy?

Tue, Feb 26, 2013 at 9:45AM

Here’s some pros and cons to help you decide whether to rent or buy.

For many, homeownership is the American dream, and it is one of the most important steps many people will take in their lifetime.

If you are not sure whether to buy or rent, consider the pros and cons listed below to help you make your decision. Interest rates continue to remain very low, so it is a good idea to contact a mortgage lender to get an idea of the loan amount you would qualify for, and the interest rate you would pay. In addition, consult with a tax professional to determine financial implications to buying or renting.

 

Rent

Buy

No Interest payment deductions

Excellent deductions for mortgage interest paid.

Rental amount may increase at any time

Mortgage payments could be fixed

Landlord approval needed for any changes

Decorate and make changes, without prior approval

No capitalization; your money disappears forever

The value of your property will probably increase in time

Rental is temporary and often subject to 30 day’s notice

Your house will become a home, not a temporary living situation; you are not at the mercy of a landlord

If you decide to purchase a home, Southern Title would love to help you with your transaction. Our knowledgeable professionals are ready to meet your specific needs today, and we do it with a level of service and friendliness that is hart to beat in the industry.

 

Southern Title Holding Company, LLC, makes no express or implied warranty respecting the information presented and assumes no responsibility for errors or omissions.

Here’s some pros and cons to help you decide whether to rent or buy.

For many, homeownership is the American dream, and it is one of the most important steps many people will take in their lifetime.

If you are not sure whether to buy or rent, consider the pros and cons listed below to help you make your decision. Interest rates continue to remain very low, so it is a good idea to contact a mortgage lender to get an idea of the loan amount you would qualify for, and the interest rate you would pay. In addition, consult with a tax professional to determine financial implications to buying or renting.

 

Rent

Buy

No Interest payment deductions

Excellent deductions for mortgage interest paid.

Rental amount may increase at any time

Mortgage payments could be fixed

Landlord approval needed for any changes

Decorate and make changes, without prior approval

No capitalization; your money disappears forever

The value of your property will probably increase in time

Rental is temporary and often subject to 30 day’s notice

Your house will become a home, not a temporary living situation; you are not at the mercy of a landlord

If you decide to purchase a home, Southern Title would love to help you with your transaction. Our knowledgeable professionals are ready to meet your specific needs today, and we do it with a level of service and friendliness that is hart to beat in the industry.

 

Southern Title Holding Company, LLC, makes no express or implied warranty respecting the information presented and assumes no responsibility for errors or omissions.


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