Real Estate Journal

For first-time homeowners, the decision to rent or to buy your own home can be a difficult dilemma. Both has its pros and cons that is equally valid. Almost always, it’s better to own your home rather than to rent. Owning your own home allows you to build equity. You even get to write off your mortgage interest and may be eligible for a tax breaks. On the other hand, owning your own property means fees to upkeep the place and property taxes. Buying property in today’s market may also mean that you should be prepared to hold on to your property for a while, else you lose your principal. With the high interest rates and deteriorating property values, it may be a better idea to rent for a while.
Renting your home, however, you run the risk of annual rent increase eventually outpacing inflation. On the plus side, it’s less expensive initially, and gives you more flexibility to move. The bottomline will always be your financial capability and stability to be able to afford buying your own home.