Renting vs Buying: What makes sense?

Renting versus buying is the most common question we hear at the office. It's a big decision, and one that has many factors to consider. Let's look at some of the pros and cons of both renting and buying your home:

One of the main benefits of renting is tax deductions. You can deduct your rent payment from your income in order to pay less taxes. This benefit is not available if you own a home and are paying mortgage interest, property taxes, and homeowner’s insurance premiums.

Another reason to consider renting is that it allows you to avoid maintenance costs such as lawn care or fixing a flat tire on your car when you have no choice but to drive on a snow-covered road. If there is something wrong with the rental property and you need repairs done, then it's often up to the landlord (and their insurance) to take care of them first before turning around and billing you for their services later down the road after they've collected all their money from us over time through our monthly rent checks!

Buying a home can be a good decision.

It’s easy to think of buying as an investment, and it can be. You put money into the house and expect to get it back someday when you sell or rent out the property. But there are other ways that owning your own home makes sense beyond simple returns on investment.

The right house in the right neighborhood could help you make friends and socialize more often—and lead to better health outcomes like lower stress levels, fewer illnesses, more physical activity and more happiness overall.

Owning your own home also gives you control over how much time and money you spend keeping up the property (not to mention what goes on inside).

It depends on your situation. If you're not sure, you can always rent. If you plan to move often or have an unpredictable income, it's better to rent. If you plan to stay in the same place for a long time and want stability, it's better to buy.

With so many factors to consider, it's tough to know whether renting or buying is the better option for you. In general, if your situation is more temporary or uncertain, renting makes more sense. If you're looking for long-term stability and set-it-and-forget-it investment property that will help you build wealth over time, on the other hand - buying may be a good fit! It's always worth talking through these different scenarios with an expert before making any decisions that could impact your financial future.

If you are interested in talking about the options you may have or the resources available to you - We’d love to assist!