Pros and Cons of Renting VS Owning

ACKLEYIFLORIDA ANadan Pros and Cons of Renting VS Owning Pros of Buying Cons of Buying • You may benefit from tax deductions that come with home ownership • You will be shelling out a lot of your savings for the down payment In the long run and under normal circumstances, you may benefit financially • When you add property taxes, escrow and PMI (if you haven't put 10 percent down) to your monthly mortgage payment, you’ll end up spending more than renting • You have full freedom to paint, remodel, drill, nail, and decorate your home as per your wishes • You will be responsible for landscaping costs, home owners’ association fees and general upkeep expenses • You can have pets • Homeowner insurance is significantly higher than Renter's insurance • You won't feel guilty about helping your landlord payoff his/her mortgage and enjoy the benefits at your expense • Your appliances will eventually breakdown, requiring you to pay for repairs or replacements • You'll eventually be able to pay off your mortgage and become debt free • It gives you satisfaction that your kids can inherit your property. • You may not be able to move easily or quickly to pursue better employment opportunities • You may incur additional expenses of managing and maintaining your property if you rent your house due to a forced relocation Pros of Renting • The money you have spent on remodeling cannot be recouped if your house is in a • Renting offers quick mobility and liquidity, but you lose quite a bit of freedom and you may have to make some compromises with your preferred quality of life down market. Cons of Renting If your rent is lower than the prevailing mortgage payments in the area, you'll have more money for other things • You are not building equity or assets when you rent • If you have newly relocated to a town, renting for six months to a year may be a better option for you till you figure out where you want to live • Your rent may sharply increase after your lease period ends if you are living in a high demand area • You like the house you are renting. But it has carpet, whereas you prefer hardwood • Perhaps your personal financial situation is not healthy enough to buy a house at this time • You desire to own a pet. But the landlord M of the home you are renting has a no-pet policy May be your job requires you to stay in a city for a relatively short period of time and relocate to a different part of the country or world at a short notice • You like hanging lots of family pictures and paintings, but the home owner may restrict nailing walls • You may be in an area that has taken a severe beating during the recent real estate crisis, and the prices are still unstable • You have a problem with an appliance, but your landlord is not very responsive • You emotionally resent the idea of helping your landlord become debt free instead of yourself • Your job situation may be shaky and even though you can afford to buy a home now, you have the freedom and peace of mind of being able to relocate quickly if need be • The owner of the home you are renting may become delinquent on the payments and the house may be foreclosed, causing you to lose your security deposit and your roof. • You are unsure how long you will live in the area, and it may also be very difficult to sell in that area. KLEYTELORI 用 围 图 里 鱼 OPERTY MANAG Contact Us: 407.846.8846 ACKLEY IFLORIDA L www.ackleyflorida.com www PROPERTY MANAGEMENT