5 reasons to rent and 5 reasons to buy

It can be challenging to decide whether renting or buying is the right move for you. Here are some things to consider during your decision making process: 

5 reasons to rent a home could include: 

1. Flexibility - This is one of the main reasons why an individual would choose to rent over buying property. Even with a lease in place, an individual can usually pay a penalty fee to exit the leasing contract. If you own a home and were to suddenly be placed in a position to relocate,  you would then have to sell or lease your own. There is no guarantee that home will sell in a timely manner, and leasing a property when you are not around to manage it can be difficult. 

2. Uncertain Future - Sometimes it can take a while to find the place that we want to plant our roots and establish ourselves. So for individuals who are undecided about what career they want, what city they want, or what type of lifestyle they want, renting is usually the better option. Generally speaking, your gambling with your property investment by not waiting at least 5 years to resell. 

3. Time - Is your life so busy that the idea of changing a furnace filter or mowing  your lawn seems just impossible? With most rentals, all the maintenance and landscaping is usually done by the landlord. 

4. New to the area? - Northwest Indiana is a very unique area in the fact that it has such diverse towns just 10 minutes away from each other.  If you haven’t taken the time to explore each of them and their unique charms and setbacks, renting for a year or two while you explore your options can make you feel more confident when you decide to buy.  

5. Credit Issues - Building credit takes time, and sometimes rebuilding it can take even longer.  Renting while you establish a good credit score can ensure the best loans with the highest principal amount. 

5 reasons to purchase a home 

1. Stable job/life - For individuals that have stable jobs and desire to plant roots in the city they fell in love with, purchasing a home can be a very wise investment into your future. 

2. Tax Breaks - Homeownership comes with the perks of tax breaks. While there are a variety of them out there, mortgage interest deduction is usually the most substantial one. 

3. Freedom to be creative - I hear all the time how excited clients are to get in and decorate. To be able to paint the walls whatever color they please without getting permission and having to use a special approved painter. Owning your home gives you the freedom to really make the space yours. 

4. Equity buildup - Property is an investment, and usually one of the safest ones. As time goes on, the price of the property usually increases. This means that when you sell your home, you’ll get a tax free check at closing for the difference in what you owe (if you still owe any). 

5. Planning for the Future- Let’s face it, social security is not enough to live off of well while having to still pay the high cost of rent. Purchasing a home and paying it off before retirement can guarantee a higher standard of living with less stress for elderly individuals. 

Are you still struggling to decide what is best for you? Well then give me a call at (219) 218-1181.