The decision to buy or rent is the most important step in your relocation process. Purchasing a home entails a long-term financial and emotional commitment with various pluses and minuses. Advantages include the possibility of building equity and the freedom to design and decorate your property or landscape. And don’t forget the tax benefits. Disadvantages include upkeep, property taxes and fluctuating property values.
Renting, on the other hand, makes moving easier and someone else maintains the property. Amenities such as laundry rooms, exercise rooms, swimming pools and tennis courts vary from one rental complex to another. The main disadvantage is a loss of control over the residence. Some complexes, for example, restrict or prohibit pets and personal touches such as painting. And the landlord or property managers can also raise the rent with proper notice.
To determine your best choice, account for all of your needs, review your financial situation and research your options thoroughly.
The New Mexico Department of Health’s website has a renter’s guide at www.nmhealth.org/publication/view/guide/278.
Greater Albuquerque Housing Partnership
The Greater Albuquerque Housing Partnership is dedicated to the revitalization of Albuquerque’s urban neighborhoods through the development of affordable and market-rate housing opportunities and by providing home ownership counseling and financial assistance to qualified first-time home buyers. For more information, visit www.abqgahp.org or call 505-244-1614.
New Mexico provides housing programs and incentives to help residents with home ownership. For more information, visit http://portal.hud.gov and select New Mexico from the “State Info” drop-down menu.