To lease or to buy – that is the question. This dilemma is a sticking point for many people. But the truth is that there isn’t a one size fits all answer. Whether you should lease your next home or buy your next home can only be determined by making a list of pros and cons based on your family’s current needs.
Below are some of the pros and cons of buying your next home versus leasing your next home. You can take these issues and add your own to the list as well. These pros and cons will assist you in making the right decision.
•You can claim your mortgage interest as a deduction on your taxes.
•With each mortgage payment, you will be building equity in your home.
•Mortgage interest rates are at an all time low.
•You can customize and change your home to suit your lifestyle.
•You may have a yard for you, your children and your pets to enjoy.
•You will have pride of ownership and will have something of your very own to call home.
•If you buy a home that is below market value, you could have a larger return on your investment in the long term.
•In most cases, owning your own home will offer you more privacy.
•Owing your own home will help you build your credit as long as your mortgage payments are being made on time.
•You will have routine maintenance and repairs that will need to be performed.
•Buying a home is a serious financial commitment. You can’t just break your lease and move out whenever you feel like it. You will have to take the time to sell your house before you can move.
•Not all homes increase in value. So you must weigh the risks before making a commitment.
Buying a home is one of the biggest investments most people will make in their lifetime and the decision to buy is one that shouldn’t be taken lightly. Do some research and take all the time you need in order to make an educated decision about whether to lease or to buy your next home.
Call your real estate agent and let him know that you’re thinking about moving but haven’t decided whether to lease or buy. Your Realtor will be a great resource in helping you make your final decision. He will supply you with all the information you need in order to find the option that is best suited to your family’s current needs.