It’s the age old question – should you rent or buy a property to save money? Kerri Nettles discusses.
OCEAN SPRINGS, MISSISSIPPI, USA, February 11, 2019 /EINPresswire.com/ — Whether you decide to rent or buy is an age old debate with stalwarts on either side. Those in the buy column will tell you that renting a house or apartment is akin to putting $800 into a paper bag each month and setting it on fire; you’re simply throwing money away when you could be investing it into a property. However, those on the rent side of things will tell you that leasing a property allows for a total flexibility which buyers will never know. So which is better? With the help of real estate expert Kerri Nettles we’re going to find out below.
Renting vs Buying
“Each camp has its advantages and disadvantages.” Kerri Nettles says. “But let’s start with renting.”
Right off the bat, renting allows for a massive level of flexibility. You’re not tied down to paying a mortgage for the next twenty years and so you don’t have to live in one location if you don’t want to. If you get the sudden urge to move to a new city, there’s no binding contract forcing you to continue payments on a property that you no longer want. You also don’t have to worry about some of the things homeowners have to deal with such as repairs and maintenance; these are typically covered by landlords. Likewise, if the property of the value drops, it’s no sweat off your back. You also don’t have to pay any property taxes which, ask any homeowner you know, can quickly escalate into huge sums of money.
But, according to Kerri Nettles, there are downsides too. Chief among them is that by renting you won’t be building equity. Buyers enjoy this aspect, as it essentially allows them to sink their money into a long term savings account, one that usually has a favorable interest rate (unless something egregious happens to your neighborhood overnight). Buyers also enjoy certain tax benefits which renters will never see, and Kerri Nettles points out that homeowners are free to customize their abode as they see fit.
“At the end of the day, the choice to buy or rent depends on a number of different factors.” Kerri Nettles says. “Your income, your long-term goals, the city you’re staying in as well as more local details such as your neighborhood. Before making any decisions it’s important to take a critical look at these factors and decide which is the best option for you.”
Web Presence, LLC
email us here
Source: EIN Presswire