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Rent or buy?

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By The Staff

By EVELYN LACY

Are you in limbo between renting a home or buying? Well, in that case, this article may help you in making the right decision and the best direction to take in buying a home instead or renting one.

There are many advantages to purchasing a home as opposed to renting. And, regardless of the real estate market, you will find that this is always true.

The following is an outline of the advantages of buying a home compared to the disadvantages of renting. Please take a moment to review the following table to see how your situation fits in.

BUYING

  • Over time the mortgage balance decreases as the equity builds, event if the value of the home decreases.
  • The ability to remodel and redecorate your home to match your needs and desires
  • There can be considerable tax advantages associated with home ownership.
  • A home owner will enjoy more pocket change as home value goes up and the mortage remains the same.

RENTING

  • No matter what occurs with the value of your home, you will never gain equity.
  • There is imited – or no ability to personalize your living quarters.
  • No tax advantage to renting. Your landlord gets any and all available tax breaks.
  • A renter can go through rent increases every year.

Evelyn Lacy is a Realtor at Century 21 First Choice and a member of Heart of Kentucky Association of Realtors.