Rent vs. Own

Posted by on Thursday, February 28th, 2013 at 10:47pm.

The decision to rent or own isn't an easy one. There are many advantages and disadvantages to both options. It is essential to communicate your needs to your real estate agent so they can help you determine your best solution. Here are some of the pros and cons that will help you make your decision.

Advantages to Renting:

  • Freedom to move whenever necessary
  • Can be more affordable than a mortgage payment
  • Access to many amenities such as gym, pool, spa, added security and many others
  • Fewer maintenance costs, if any at all
  • No down payment required

Disadvantages to Renting:

  • Rent may rise over time
  • No tax incentives or benefits
  • Certain rules and regulations to be obeyed
  • A temporary solution
  • No tax benefits

Advantages to Owning:

Ability to remodel, tear down and even expand if you like

  • Pride of ownership
  • A stable more permanent environment
  • The cheapest loans available are Mortgages
  • Ability to build home equity and wealth
  • Living the American Dream

Disadvantages to Owning:

  • Possibility of home decreasing in value
  • Taxes and Homeowners Insurance must be paid
  • Maintaining a home can be costly and excessive
  • Responsibilities and Liabilities might increase
  • Might need help qualifying for a mortgage; not everyone can qualify

If you have any questions about South Bay real estate or would like to discuss how the market is doing, give us a call (310) 853-3073.

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