{"id":1236,"date":"2020-11-03T16:35:19","date_gmt":"2020-11-03T16:35:19","guid":{"rendered":"https:\/\/phphouses.com\/blog\/?p=1236"},"modified":"2020-11-03T16:35:19","modified_gmt":"2020-11-03T16:35:19","slug":"rent-vs-buy-decide-whats-best","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/rent-vs-buy-decide-whats-best\/","title":{"rendered":"Rent vs. Buy: How to Decide What\u2019s Best for You"},"content":{"rendered":"
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Rent vs. Buy: How to Decide What\u2019s Best for You<\/p><\/div>\n

According to the\u00a0U.S.<\/em>\u00a0Census Bureau,<\/em>\u00a0median rent<\/a>\u00a0continues to rise. With today\u2019s\u00a0low mortgage rates<\/a>, there\u2019s great opportunity for current renters to make a move into homeownership that stretches each dollar a little bit further.<\/p>\n

While the best timeline to buy a home is different for everyone, the question remains:\u00a0Should I continue renting or is it time for me to buy?<\/strong>\u00a0The answer depends on your current situation and your future plans, so here are some thoughts to help you decide if you\u2019re ready to own a home of your own.<\/p>\n

1. Rent Will Continue to Increase<\/strong><\/h4>\n

This is one of the top reasons why renters decide to move because in most cases, rent will continue increasing each year. As noted above, the\u00a0U.S.<\/em>\u00a0Census Bureau\u00a0<\/em>recently released its quarterly homeownership\u00a0report<\/a>, and as the graph below shows, median rent is climbing year after year. When you own a home, you\u2019ll lock in your monthly payment for the life of your loan, creating consistency and predictability in your payments.<\/p>\n

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Median Asking Rent Since 1988<\/p><\/div>\n

2. Freedom to Customize<\/strong><\/h4>\n

This is a big decision-making point for many people who want to be able to paint, renovate, and make home upgrades. In many cases, landlords determine all of these selections and prefer you do not alter them as a renter. As a homeowner, you have the freedom to decorate and personalize your home to truly make it your own.<\/p>\n

3. Privacy<\/strong><\/h4>\n

When renting, your landlord has access to your space in case of an emergency. If you own your home, however, you\u2019re the one to decide who can come inside. Given today\u2019s health concerns around the pandemic, this may be a growing priority for you.<\/p>\n

4. Flexibility for Relocation<\/strong><\/h4>\n

If you\u2019re renting, it may be easier to move quickly should you have a job transfer or simply decide it\u2019s time for a change. When you\u2019re a homeowner and need to sell your house, this might take a little more time. Today, however, with the housing market\u2019s\u00a0low inventory<\/a>, this may no longer be the case. Homes are selling at a\u00a0record-breaking<\/a>\u00a0pace, so you may have more flexibility than you think.<\/p>\n

5. Building Equity<\/strong><\/h4>\n

When you pay your rent, your landlord earns the\u00a0equity<\/a>\u00a0the property gains. If you own your home, the benefits of your investment go directly toward your\u00a0net worth<\/a>. This is savings you\u2019ll be able to use in the future for things like sending children to college, starting a new business, buying a bigger home, or simply downsizing to save for retirement.<\/p>\n

6. Tax Advantages<\/strong><\/h4>\n

When you own your home, there are additional advantages that work in your favor as well. You can deduct things like your property taxes and mortgage interest\u00a0(Always make sure you check with your accountant to see which tax-deductible benefits apply to your situation).<\/em>\u00a0When you rent, however, the tax benefits are directed to your landlord.<\/p>\n

Bottom Line<\/strong><\/h3>\n

It\u2019s up to you to decide if you\u2019d prefer to\u00a0rent or buy<\/a>, and it\u2019s different for every person. If you\u2019d like to learn more about the pros and cons of each, as well as\u00a0resources<\/a>\u00a0to help you along the way, let\u2019s connect to discuss your options. This way, you can make a confident and informed decision with a trusted expert on your side.<\/p>\n

Contact us:<\/strong>
\nPHP Houses
\n142 W Lakeview Ave
\nUnit 1030
\nLake Mary, FL 32746
\nPh:\u00a0(407) 519-0719<\/span>
\nFax:\u00a0(407) 205-1951<\/span>
\nemail:\u00a0info@phphouses.com<\/p>\n

Let\u2019s Connect:<\/strong>
\nFacebook<\/a>
\nLinkedin<\/a>
\nTwitter<\/a>
\nInstagram<\/a><\/p>\n

THE INFORMATION PRESENTED IN THIS ARTICLE IS FOR EDUCATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSIDERED LEGAL, FINANCIAL, OR AS ANY OTHER TYPE OF ADVICE.<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"

While the best timeline to buy a home is different for everyone, the question remains:\u00a0Should I continue renting or is it time for me to buy?\u00a0 Finish Reading Rent vs. Buy: How to Decide What\u2019s Best for You<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[36,69],"tags":[38,240,15,10,18,9,49,42,184,63,20,12,48,13,26,102,239,47,19,17],"_links":{"self":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1236"}],"collection":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/comments?post=1236"}],"version-history":[{"count":1,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1236\/revisions"}],"predecessor-version":[{"id":1239,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1236\/revisions\/1239"}],"wp:attachment":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media?parent=1236"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/categories?post=1236"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/tags?post=1236"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}