Renting vs Buying a Home: What is Right for You?

Renting vs buying a home, how do you know what is right for you? Of course, there are benefits and drawbacks on both sides. But with rents increasing and interest rates low, now might be the right time to evaluate your situation and make a change. Here are a few things to consider:

  1. Building Equity. When you own a home, the benefits of your investment go towards your personal net worth. When you rent, your landlord is building that equity.
  2. Tax Advantages. Home ownership does come with certain tax advantages. You should always consult with your tax professional, but you might eligible to deduct things like your property taxes and mortgage interest.
  3. Freedom to Customize. When you own a home you can make it yours! No need for landlord approval.
  4. Privacy. Owning a home also means more privacy for you and your family.
  5. Rent Continues to Increase. Rents continue to rise and interest rates are low, your monthly mortgage payment could be less than your monthly rent! Just take a look below.

If you are ready to make the leap to home ownership, shoot us a message. We would love to help you find your perfect home.

Renting vs Buying a Home - Sonoran Home Group