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Buying Versus Renting

Buying Versus Renting

The decision to buy or rent is the most important step in your relocation process. Purchasing a home entails a long-term emotional and financial commitment with various advantages and dis­advantages. The 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 involve upkeep, property taxes and fluctuating property value.

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 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.

Before determining your best option, account for all of your needs, review your financial ­situation and research your options thoroughly.

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