RentingVSBuying

RentingVSBuying

• 1.
  You’re staring atthe off-white walls of your rental, waiting for your landlord to show up for a routine inspection and obsessing over your checklist like a student handing in a final exam. Is everything swept? Is the gutter free of leaves? Did I dust the top of the heater? (He scolded us last time-can’t forget!) You have a flashback of the night before--scrubbing the toilet until it was so clean your toddler could have licked it and you wouldn’t have had a meltdown--when you make the decision. I need to buy! Let’s face it, the stress of renting can equal the stress of owning. Although one isn’t necessarily better than the other, one is definitely better for YOU. So, which is it? Buying a home in the current market is not always the investment in equity it once was, but a major commitment to a lifestyle. If you plan on leaving in less than 5 years and think you’ll make a profit, most professionals will tell you to keep on renting. The same goes for anyone experiencing a lot of changes, whether it be fluctuating jobs or having a baby. Buying a house is stressful enough, it’s best when everything else is calm. It requires more thought and planning, as well as a desire to stay put for the time being, but ultimately allows more personal freedom. Philadelphia has a high rate of renters, but more young couples have been happily planting roots--spreading themselves out beyond center city and settling down. These people generally have a job they plan on staying with for awhile. They have doled out thousands on rental down payments, have become ninjas at moving all of their belongings year after year, and are ready to take control of decisions, such as what kind of appliances they use. Most importantly, they long for a feeling of groundedness. All of those things are what make a strong buyer, but what about the numbers? Rent and mortgage payments are not always easily comparable. There are many additional fees you need to include when buying a house. The principal interest, property taxes, and property insurance are all included in your monthly payment. Maintenance is suddenly more than just sending a quick email to your landlord. You need to shovel, take care of your lawn. In some cases, there is a homeowner's association that require fees. You also get to plant a garden or paint those off-white walls something that looks a little less like a doctor’s waiting room. You can live in peace, knowing that your rent won’t be raised, or the owner’s won’t decide to sell. Mortgage interest and property taxes are tax deductible. Those who work from home may also be eligible for tax deductions on their home office and portions of their utility payments. Plus, you can finally throw out the moving boxes. THIS IS GOOD.