Just about everyone would prefer to own a home rather than rent, but sometimes, it's just not in the cards. If you're considering the pros and cons of rent vs. buy, here's a few tips to help make it easier.
Affording more than just a mortgage
One of the great things about renting is the lack of responsibility for maintenance. If you are renting an apartment, you don't have to worry about the broken water heater or keeping the grass green. Upkeep is generally the responsibility of the landlord so if you're asking yourself, "should I buy or rent?" remember that when you own a home, the responsibility falls to you.
Tax implications
You need to consider taxes when comparing the option of rent vs. buy. There will most likely be property taxes assessed. However, there are tax benefits. For instance, the interest on your mortgage can be fully tax deductible.
Non-monetary issues
It's easy to overlook it, but you have to be prepared for a different lifestyle when you own a home. There will be yards to maintain, neighbors to tolerate, cracks in the driveway, creaky doors, leaky faucets and you're the building maintenance manager. This can be rewarding but at times draining so prepare youself to make the adjustment.
