Should you rent or buy?
Today's real estate market has had a new buyer in the last few
years - the young, single professional. Male or female, it seems
as if those who used to live a somewhat transient, short-term
renters' lifestyle until marriage, are now no longer waiting.
With more people delaying marriage until their careers take off,
single professionals are now changing from renters to buyers.
But many renters prefer to remain renters. Although buyers (and
agents) will talk your ears off about the advantages of home
ownership, renters enjoy the freedom their lifestyles provide.
>From limited maintenance to the record number of amenities
present in new properties, many renters would rather not buy.
The majority of people, whether single or married, will at some
point ask themselves, "Am I ready to buy?" Buying a home is a
manor step for anyone. Can there be a perfect time in one's life
to buy a home? Which is better: renting or buying? Each one has
its pros and cons.
Renters
-Don't gain any equity, but they also don't lose it. It doesn't
matter if renters make improvements to their homes or if
property values are appreciating, renters don't gain any equity.
-Don't have to put as much money up front. They usually only
have to come up with first and last month's rent and security
deposit.
-There are no tax advantages - they are enjoyed by the landlords.
-Have the assurance of fixed costs. The terms won't fluctuate
during the duration of the lease. The monthly costs remain the
same.
-Cannot personalize their homes. This includes painting walls or
hanging certain fixtures or d