Buying vs. Renting

Buying a Home vs. Renting a Home


 

Why Buy A Home?

  • Equity: You can’t build equity in an apartment or rental property, but by owning your home, you can!
  • Fixed Payments: Your rent almost always increases when your lease is renewed, but with a fixed rate mortgage, the principle and interest payments never go up
  • Tax deductions. Your rent payment is not tax deductible. By being a home owner, the interest portion of your mortgage payment could be tax deductible.In addition to deducting mortgage interest, you may be able to deduct real estate property taxes and any points you may have paid at closing. As part of owning a home versus renting, you may be eligible for tax credits for improvements and other tax incentives. **Consult your tax advisor
  • Creative control. You want to paint the walls? ... When you buy a home you have the freedom to do so  -- they are your walls now. Go ahead and paint them mango! Wish you had another room? Go ahead and add one. Take pride in your new home. 
  • Maintenance choices. If you live in a house, you can decide how to approach maintenance, either doing it yourself or picking your own contractor. If you live in a condominium or homeowners' association, you may pay a monthly fee to have maintenance work covered by the association's contractors.

Why Rent A Home?

  • Flexibility: Renting allows you to explore an area before making the longer-term commitment to homeownership.
  • Career uncertainty:  If you think you might need to move in the near future, you might want to rent. Buying ties you down to a greater extent.
  • Income uncertainty: If you expect a pay hike or cut in the near future, that can impact your ability to pay a mortgage.
  • Bad credit: Creating a history of on-time rental payments can help you build the sort of credit you'll need to qualify for a mortgage.
  • No maintenance expenses: Pick up the telephone and call the landlord and wait for them to fix it.

 

Search Buying vs. Renting Homes for Sale

New Listings

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$325,000
STAFFORD, VA
3
beds
3
baths
Listing courtesy of RE/MAX LEGACY MRIS
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$425,000
STAFFORD, VA
4
beds
3
baths
Listing courtesy of Long & Foster Real Estate, Inc. MRIS
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Foreclosure
$244,400
STAFFORD, VA
3
beds
4
baths
Listing courtesy of Green Tree Realty LLC MRIS
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$689,900
STAFFORD, VA
5
beds
4
baths
Listing courtesy of Pearson Smith Realty, LLC MRIS
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$259,900
FREDERICKSBURG, VA
3
beds
2
baths
Listing courtesy of Green Tree Realty LLC MRIS
Updated Sep 22, 2017 8:23:am
Information deemed reliable but not guaranteed. Listing data provided by Metropolitan Regional Information Systems, Inc.

Today's Market Trends for Buying vs. Renting *

$412,530

-0.02%

$141.0000

-0%

898

-0.04%

August

July

 

938

1000

 

 

-0.06%

-0.03%

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* All data pertains to single-family homes