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Real
Estate Law
Should you Buy or Own a House?
At some point, most
individuals consider the issue of
renting a home versus buying a home.
It is a big decision with
far-reaching financial implications.
As part of the decision-making
process, it may be helpful to use a
rent/buy calculator (easily found on
the Internet). Such a calculator
will not, however, provide a clear
answer. A consideration of other
issues is necessary. |
Renting:
Advantages/Disadvantages
In the way of advantages, a
renter can live in a particular property
without the necessity of making costly
repairs. Moreover, it is not necessary
for a renter to come up with funds in
excess of the security deposit and the
first month's rent. In other words, the
initial investment by a renter is quite
small when compared with that of a home
buyer. Lastly, when the lease is up, a
renter can simply leave the property as
it was without any further obligations.
Renting has its disadvantages, too. A
renter has fewer opportunities for tax
deductions with regard to the property.
Furthermore, a renter has no opportunity
to gain equity in the property. Lastly,
a renter does not usually have the
opportunity to change a rented property
to suit his or her particular needs. |
Buying:
Advantages/Disadvantages
Perhaps the most important
advantage of buying a home is the
opportunity to take advantage of tax
deductions with regard to the property
at issue. Also, a homeowner may change
or renovate the property to suit his or
her needs. Another advantage of home
ownership is the ability to gain equity
in the property.
With home ownership, however, comes a
significant amount of responsibility. A
homeowner has the responsibility for all
repairs to the property, as well as the
payment of taxes and insurance. Home
ownership requires a large initial
investment too, including a down
payment, plus closing costs. |
Conclusions
The decision as to whether to
rent or buy your home is, without a
doubt, a very significant decision. It
requires careful thought, as well as
research. In making the determination,
some relevant questions are:
- If I buy a home, what will it
actually cost me?
- How long do I plan to stay in
the home?
- Do I want to make specific
renovations to the home?
- Do I want the responsibility of
making repairs to the home?
- What do I know about the
neighborhood where the home is
located?
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Cameron, Davis, Gonzalez & Marroney has its
principal office at 901 N. Olive Avenue, West
Palm Beach, Florida, 33401. We represent our
clients before Federal and State Courts in
Miami, Fort Lauderdale, West Palm Beach,
Martin, and St. Lucie counties, Vero Beach, and
all family courts throughout the state of
Florida. |
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Cameron, Davis, Gonzalez & Marroney practices in the following areas of law: General Civil Trial Practice, Corporate, Business Law, Contracts, Real Estate, Personal Injury, Wrongful Death, Criminal Law, Commercial Litigation, Construction Law, Medical Malpractice, Family Law, Divorce and Child Custody. |
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