Buy or Rent? That's the Question!
Buying a home is a huge financial investment. So much so, that oftentimes people think it's simply just easier and more cost effective to rent. Homeownership can be very rewarding if you are properly prepared, know what to expect, and make informed financial decisions. However, there’s more to comparing the costs of renting and owning than the dollar cost of payments. This week, we're sharing with you some common thoughts that renters often voice when speaking about renting vs. buying a home. “Investing in a home is riskier than renting.” No risk, no reward. Besides, even studies conducted by the Federal Reserve show that owning can provide a net worth that is from several to hundreds of times higher than that of renters. “Home values have dropped in recent years.” Which is one reason why ownership may now be less expensive than renting. As well, recent price trends in many areas have reversed, and values are once again on the rise. “The tax deductions aren’t worth it.” Some p...