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Should You Rent or Purchase Your Home? |
| While some people will simply tell you
that renting is better, others say that purchasing a home
is absolutely the better option. Which is best for you?
Only you can decide, but here are some points to consider
that could help you toward that decision. |
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Money |
| This is the major consideration for many
people though there are two distinct ways to look at it.
If you want to own your home, you’re going to have
to save for a down payment and then commit to monthly
payments that will likely include insurance, property
taxes and other costs that you never consider when you’re
renting. On the other hand, there’s also the potential
for return when you own that isn’t there for a renter.
If you pay on a home mortgage for 10 years and then decide
to move, you have 10 years worth of equity built up in
that house. After 10 years of renting, you are no closer
to ownership than the day you moved in. |
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The “To Do List” |
| One thing homeowners quickly learn is that
there’s a constant “to do list” associated
with owning a home. Even for a home in excellent condition,
there are routine maintenance chores that keep the home
in good condition. For an older home, the list is going
to be much longer. That’s one positive point of
renting because these problems and potential problems
are not your responsibility. When a pipe is leaking or
the house needs painting, you simply make a call to the
landlord and your part of the job is done. On the other
hand, many people find an incredible sense of pride and
accomplishment in doing those chores around the house. |
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Make It Your Own |
If you’re renting a home, you’re
living in a house that will never be completely your
own. You may make some minor modifications, but major
changes often aren’t allowed. Even if your landlord
will let you make those changes, it typically feels
like a waste of time and money since you’ll someday
move away. There’s pride in ownership and it’s
often a huge step toward security if you own your home.
Want purple walls, track lighting in the kitchen and
marble on the floors? If you own your home, you’re
only limited by budget and any applicable building codes.
There are some additional things that play a role in
your decision to rent or buy. If it’s time for
home ownership, take a few minutes to fill out our easy
online loan application. |
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