Rent or own?
What makes the most sense in the current market?
Well, much depends upon your tax bracket, whether you intend to move in the near future, the local real estate market, and what your future goals may be.
Other considerations must be included.
One advantage of renting is being generally free of most maintenance responsibilities. But by renting, you lose the chance to build equity and take advantage of tax benefits and also cannot protect yourself against rent increases.
Also, you may be at the mercy of the landlord for the condition of your housing.
Owning a home has many benefits. When you make a mortgage payment, you are building equity increasing YOUR net worth. Also, owning a home qualifies you for certain tax breaks which gives you more available spending money to handle the costs of homeownership.
Each individual is different, depending upon preferences and goals, but generally, Americans prefer the stability and security of owning their own home.
At First Title & Abstract, Inc. our staff on Marco Island and in Naples can assist you in reviewing the decision whether to rent or own.
It’s not child’s play deciding whether to rent or own your castle … let us help!
Just call us anytime and set up an appointment with one of our friendly staff members.
We’re here to help!