Buy or Rent?

Should you buy or rent?  Each option offers its advantages. 

Buying property offers you the opportunity to build equity and take tax deductions.  This year there is an $8000 tax credit for first time buyers.  Ownership can be rewarding allowing you to fix up and decorate a property the way you want without the concern of rent increases or a property being sold.

If you are in the market and plan to stay awhile, then buying a property could be a good move, especially with the current low mortgage rates.  However, if you don’t like worrying about property maintenance and if you are planning to move in the near future, then renting may be your best option.

If your family size is growing larger or smaller, take that factor into condsideration.  Whether you decide to buy or rent, think through your situation carefully and make the best choice for you.   Consider the maintenance, utility costs, neighborhood, resale value, parking arrangements, square footage and layout of the property.  Make a list of what is important to you and weigh the advantages.