As the real estate market continues to fluctuate, many people wonder if it’s a better time to rent or own their home. Which will cost less in the long-term? Which offers stronger peace of mind and a better place to raise a family? Let’s take a look at the benefits of renting versus owning.\r\n

Cost

\r\nYou’ll need to have several numbers in front of you before you start calculating. For example:\r\n

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• How much do you make in a year? How much of your income can be comfortably put towards a mortgage?

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• How much does your dream home cost? Even if you don’t have a particular piece of real estate in mind, it’s a good idea to poke around the Internet and look at price ranges for the type of house you’d like to buy.

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• How much is the monthly rent? Multiply that number by twelve, and then multiply it by ten or twenty once again. Is the resulting sum more or less than the asking price of the home?

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\r\nGenerally speaking, buying a home is a better investment than just renting. Not only will it mean less money out of your pocket in the long run but, mortgages eventually end. Meanwhile, you’ll be paying rent forever.\r\n

Personalization

\r\nThis is another area where owning trumps renting. If you’re living in someone else’s home, you’re subject to their rules, and that means not being able to make the customizations you want to the property.\r\n

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• You can’t remodel the bathroom without the homeowner’s permission because your changes might affect its resale value.

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• If you ever decide to go green, you won’t be able to install solar panels or invest in energy-efficient technology unless the homeowner shares your vision.

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• Some landlords won’t even allow things like nails in the walls for fear of property damage.

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Security

\r\nLast but certainly not least, owning a home will give you a sense of security that renting simply can’t.\r\n

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• If you buy your own home that means it’s yours. No one can take it from you. Even if you have a friendly landlord and a good lease, they still have the power to evict you.

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• Owning a home will allow you to be a true member of the community, not just a stranger passing through.

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• If you have children, a house will become the center of your family. They’ll need somewhere to come home for the holidays, and if that place is fixed, they’ll grow up with warm memories of that kitchen and those hallways.

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\r\nThese are just a few reasons why it’s worth the effort of buying your own home instead of renting. Call us to learn more or discuss your options!