Considering whether to buy or rent a home will be one of the biggest decisions in your adult life. However, how will you know which one is best? For many, this decision is based largely on external factors such as credit score, other financial commitments, and desired location. Adding personal touches to your home will probably also play a role as to whether you are buying or renting. And what about your little pooch? Certainly you’ll need to take into account accommodating your pets. There are multiple pros and cons both for renting a home, or buying a home. Ultimately, the final decision will be yours, and should be based on what will benefit you both in the short term, as well as the long term. If you need a bit of help in deciding, take a look at this infographic for a comprehensive overview of reasons for renting vs. buying.
Buying a home, especially if it’s your first time, is an exceptionally rewarding experience. Some of the benefits are pride of ownership, all the mortgage interest and property tax deductions, and appreciation you will be getting from owning your own home. For many, these reasons are more than enough to convince them that buying a home is the right choice for them. For others, the perks and amenities that renting has to offer, as well as the appeal of affordability is more than enough to select renting.
Whichever path you choose, take comfort in the fact that soon you’ll be relaxing and enjoying your own personal space!