Are you a renter or a buyer? Many people already know the answer to that question. But for those who have the means and motivation to do either, the choice can be difficult to make. In a recent article, Bankrate helps those people solve the riddle, based on varying circumstances that might affect their decision.
Buying offers freedom from rising rents, a mortgage interest tax deduction and the possibility of building equity in a home over time. Renting offers flexibility and no home maintenance or repair costs or obligations.
Affordability is a key factor that can tip the scales to the buy side, says Wendy English, sales manager for Century 21 Commonwealth in Medfield, Massachusetts. Rapidly rising rents in many cities, combined with attractive home prices and low mortgage interest rates, make owning a home seem more affordable than renting.
Even when buying appears affordable, a limited supply of for-sale homes can tip even the most motivated buyers back to the rent side.
