Many new home buyers out there are asking themselves whether they should Rent or Buy a home..
Before the financial crisis of 2008 many people were buying into the home market to create equity.
Renting a home may seem better if you like the option to try out an area or to do more research on the area you'd like to move to. If you are unsure about your job or making changes renting gives you the option to move around over being tied down in one spot. Not sure if you can may the mortgage payment because of pay hikes or cuts, if you take out a mortgage you still are required to pay the amount of the mortgage. If you have a bad credit score it will help you get the credit you'd need to qualify for a mortgage. Less money out of your pocket when something breaks its the Landlords responsibility to fix it not yours. In most cases some of the utilities are included. Down side is, your landlord can change the rent at any given time and that plays a huge role in finding the right place for you to rent at.
Buying a home. Like I stated before when you purchase a home you are building equity for yourself, you increase your degree of ownership in your home with every payment. A huge plus side is you can get tax deductions, you can deduct your mortgage interest as well as your property taxes. If you choose to sell your home and you meet the IRS requirements they wont apply a capital gains tax on the sale of your homes which means you get to keep the first $250,000 if you are single or $500,000 if you are married, work form home you may be eligible to take deductions for the home office and portions of utilities. Owning your home gives you all the creative control you want, you want to paint a room hot pink or any other color go right ahead its all yours to take control of.
Take these into consideration when you're thinking of making the big move into home buying..
