Depending on your financial situation and preferred style of living, there may be some advantages to renting. In some cases, renting a home can be cheaper than buying a home. Your payments might be lower than a comparable house payment. You may also have more flexibility when you rent. Most leases are for 12 months so, if your job requires you to move frequently, renting can be a desirable alternative to owning.
While the advantages are intriguing, there a some financial disadvantages to renting. There is no tax break for renting. You will not be able to claim any deduction for mortgage interest and property taxes when you file your tax returns. In addition, your housing costs aren’t fixed like they are with a fixed-rate mortgage, rent tends to increase year over year.
If you are curious about the leasing process, contact me for a consultation.
If you or someone you know is considering buying, selling, home staging or leasing, I am happy to provide a real estate consultation. Use my expertise to work for you!