Should I Buy or Rent?

This is a very tough question for some people so let me try to shed some light on the situation. Home ownership offers some tax benefits that renting can not provide. You are also able to make creative choices about the appearance or character of your home when you purchase it. As a renter you often don’t have to worry about maintenance and other financial obligations associated with owning property.

Rental payments can always go up but you can secure a fixed payment on a mortgage and have study payments each month with a fixed rate loan. Home ownership can provide a substantial profit in a good market with home-price appreciation, whereas a rental can not. On the other end, if you don’t plan to live in a place for more than a short term, renting may be your better option. Work with a loan officer and weigh your options and factor in how long you plan to stay in a given location. Home ownership can be a wonderful experience but its not for everybody.