- desire the flexibility renting affords,
- may have lost money on a recent home sale,
- are encouraged by their employers to rent,
- have a job-related move planned in the near future or
- do not want the responsibility of owning a home.
If safety features (i.e., locks for windows, mailboxes, and dead bolt locks) do not exist, have them added. If you expect to live in an area temporarily, evaluate the rent plus upkeep and the ease with which you can terminate your lease.
Home Purchases: An Investment Homeowners have to think about the financial and personal commitment they will need to make for the upkeep and repairs of a home. Exterior features of a home such as: painting, lawn maintenance, cleaning rain gutters, and the interior incidentals - curtain rods, paint, decorations and carpeting. Two biggest reasons people buy a house
- they prefer larger/more private living quarters,
- they want the tax advantages of home ownership.
Final Home Considerations
Laws and taxes can make a huge difference in a property purchase and these vary from state to state and sometimes by municipality within each state. Real estate agents or the local city or borough hall personnel have up-to-date information about taxes and variances. Calculate all tax deductions that are associated with the negotiation into your evaluation. When evaluating renting versus buying a place to live it is most important to fully understand your financial capabilities so that your current standard of living is not compromised. This includes the cash flow and funds available to own, maintain, repair and upgrade a residence or rental unit.
Beverly D. Roman, Publisher, BR Anchor Publishing has written nine relocation books and publishes the quarterly international newsletter, Relocation 2000.
�BR Anchor Publishing.
Buying versus Renting
By Beverly D. Roman