So many of you find yourselves asking yourself should I continue to rent or should I go ahead and buy. One of the main things to think about is do I have the finances to buy a place and am I ready for that committment. Below is a list of the pros and cons to buying a home in Murray and West Jordan and also renting a home in Murray and West Jordan.
PROS FOR RENTING
- You are flexible to move around. After your lease is up you are able to move without having to sell your home.
- Your money is not tied up. If something happened and you needed cash it wouldn’t be tied up in your home.
- Typically if an appliance or something else breaks the landlord is responsible to fix it.
CONS FOR RENTING
- There is a chance that the landlord could sell the property without you knowing.
- You are typically not able to remodel, paint, or make the place your own.
- If home prices are going up you are not building equity from owning a home.
- Your rent is not tax deductable.
PROS FOR BUYING
- Part of your motgage payment is tax deductable which could save you thousands each year.
- You are able to remodel or fix up your house any way you want to.
- If the market goes up you are building equity.
- You feel great about owning and you don’t have to worry about a landlord or even getting the property sold without you knowing.
- Getting a loan and making your mortgage payment each month is a great way to build your credit.
CONS FOR BUYING
- You have more responsibilities such as yard work, a mortgage, and taxes.
- In a bad market the home could depreciate.
- You are not as flexible. If you want to move most likely you would have to sell your home.