As a licensed real estate agent in New Jersey, Sal Taddeo Jr. is often called upon to give advice to clients about whether they should choose to buy or rent homes. Both options have their pros and cons, so here is an examination of some of the benefits that buying offers when compared to renting.
Your Money Goes Somewhere
One of the biggest issues that people face when renting properties is that the money they spend all ends up going to their landlords. When buying, the money you pay on the property will result in the building of equity, which makes purchasing a great investment for those who intend to stay in the property for a long period of time. If you choose to sell, you should receive a large portion of the money you have paid back, rather than just the initial security deposit that you get when renting.
Another barrier that renters must face is the inability to do anything that they want when inside the property. Most tenancy agreements will place various restrictions on the tenant, such as not allowing them to keep pets or limiting what they can do in terms of redecoration. These are not issues that you will have to face if you purchase a property outright.
As a real estate agent, Sal Taddeo Jr. endeavors to provide as much information as possible to all of his clients. One of the most important things to remember about buying a house is that doing so may entitle you to a number of tax benefits that aren’t available to renters.