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Contact Charlie Mowery

Phone: 435-619-3422

Email: cmowery@infowest.com

Sep 09, 2015

Home: Renting Vs. Buying

One of the greatest questions in human history… no not what our purpose is, but which is better: renting or owning. Each one has its pros and each one has its cons.

 

Owning

Pros

  • Independence – you are in control of what goes on
  • Tax Breaks – for being a homeowner you are entitled to certain help from the government
  • May be able to use home as an investment – it is increasing in value providing you with extra cash possible

Cons

  • Pay for maintenance – yep you heard right you have to pay for everything
  • Pay Property tax – you may get tax breaks but you give it right back
  • Homeowner insurance is mandatory – another added cost of living

 

Renting

Pros

  • No maintenance – you don’t have to do anything outside, just need to maintain it on the inside
  • It’s easier to move – you can always buy out of your contract
  • Avoid owning depreciating asset – you aren’t losing any money

Cons

  • Monthly payment can increase – landlords have the right to increase monthly payments each contract period
  • Can’t paint or remodel – if you like changing things up, renting is not for you
  • Can’t build equity – you are only provided with a place to live, not an asset to sell

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