Archive for First Time Homebuyers

                                                                                                                                                                                                                                                                                       Buying and owning a home is not for everyone. It could be one of the   best financial decisions of your life, but before you jump into the process, it is best to analyze the pros and cons of renting vs buying.

 

 

                                                                                                                                                                                                                                                                                                 Renting vs Buying

The Advantages of Renting:

  • Time: It usually takes less effort to find a place to rent than one to buy.
  • Less responsibility: You’re not responsible for damage that results from everyday wear and tear.
  • Personal flexibility: It’s usually easier and less expensive to break a lease than to get out of a mortgage.
  • Financial flexibility: Since you typically pay just a deposit and not a substantial down payment, as you would for a mortgage, your assets remain more liquid and accessible.

The Advantages of Buying:

  • Investment: Homes can grow in value. Rent, once paid, is lost forever
  • Taxes: Mortgage interest is tax deductible, lowering payments.
  • Stability: Fixed-rate mortgage payments never rise  in cost, whreas rent can rise every year.
  • Design flexibility: You’re completely free to renovate, remodel, or landscape your home however you like.

Make your decision wisely. If you need personal or financial flexibility, don’t have much time to find a place, or do not want to be responsible for the upkeep of your home, renting is the better option. If you are in a place where you want to stay a while, have a place to call home, then buying a home is probably the better option. For any questions, contact us at: 602.687.9933 or e mail us at: Info@MetroRealtyphx.com .