By Linda DeRosa
Dec 30, 2012
Q: What are the different advantages of renting or owning a home?
A: Renting or buying a home both have their advantages depending on your plans for remaining in a given area or the amount of responsibility you’re willing to accept. Buying a home gives one a sense of permanency and building roots. It provides an opportunity to make improvements and changes to the décor and customizing it to fit your family’s personality. Among other advantages is choosing the neighborhood you wish to live in as opposed to deciding on a rent based on availability.
Renting may be ideal, for example, if your stay in the area is short term and moving at the end of a lease is a simple task. Also, maintenance, taxes and repairs are the responsibility of the landlord. Paying the monthly rent and usually utilities is your only financial liability.
There are many financial benefits to purchasing a home, especially in a buyer’s market such as exists at the present time, including substantial tax advantages and the ability to build equity. With interest rates historically low and an abundant inventory, the choices are exceptional. Whether renting or buying, choosing a Realtor to help with this decision is a wise choice. An experienced Realtor who is familiar with the market, available properties, neighborhoods, financing, and finding a perfect fit for your family, can save hours of time and eliminate the frustration of searching for a home.
Linda DeRosa, Realtor with RE/MAX Alliance, 203-488-1641, Ext. 209