Murray Real Estate Blog

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.

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