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Rent or Buy

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The decision to rent or buy depends not only on a person's financial status but also on other key issues that include how much of a commitment you want to make to a home, how long you plan to live in the area and how your personal needs fit in with either renting or owning. 

Purchasing a home requires not only a larger financial investment but an emotional commitment. Homeowners get the advantage of building equity, tax breaks and the freedom to do whatever they want in regards to decor, landscaping and upgrades. The flipside of that includes being responsible for all maintenance and upkeep, paying property taxes and a fluctuating real estate market that can mean large drops in equity for some homeowners. 

Renting can make moving easier. Many apartment complexes offer amenities such as laundry rooms, pools, parks and gated communities for security. The initial cost is minimal as compared with buying a home, and a landlord is responsible for maintenance and upkeep on the property. Disadvantages include no tax write-offs for rent monies paid, restrictions on personal touches to the property such as painting or upgrading and having to abide by rental agreements that may not allow pets or limit control over the residence. 

Review your options and consider your financial situation and future plans then decide on your level of commitment before determining which choice is best for you and your family. 

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