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Yvette M. Palmer, Associate Broker
Should You Rent Or Buy A Home

In today's market, is it better to Buy or Rent? The question you need to ask yourself is...How long will you be in the home? Some experts advise that if you are planning to move in the next few years, buying may not be the best option because of the expenses associated with moving.

However, if you're searching for a place to live for several years, buying now could be a good choice for you. Buying a home can create a higher quality of life, provide more privacy for you and your family, and improving your home with that outdoor kitchen and flower garden you have always wanted. following resources will assist you in outweighing your questions.

Buying vs Renting Calculators

Renting may be an option if you:

The average monthly rent for a three bedroom and two bathroom home in Rio Rico or Nogales, Arizona leases for $750. Rental properties are in great demand in our area. Therefore, rentals rates are projected to rise in the future. Renting a home may be your best option if any of the following situations exist: 
  • Do not have a stable job.
  • Have no credit or credit score less than 620.
  • Don't have the funds for a down payment and closing costs.
  • Plan to move around and don't want to be tied to one location.
  • Had a recent foreclosure or a recently went through a bankruptcy.
  • Don't want to worry about repair and maintenance costs of owning a home.

Buying may be an option if you:

Ask any homeowner what's so great about owning versus renting, and most will say "the tax deductions!" That's right because all homeowners who itemize their taxes are able to deduct 100% of their mortgage interest and property taxes from their income tax returns. Buying a home may be your best option if any of the following situations exist:
  • Plan to stay in one location.
  • Want to build equity over the long-term.
  • Have funds for a down payment and closing costs.
  • Want the potential tax advantages. (check with a tax advisor for details)
  • Can afford the maintenance costs of owning. (repairs, lawn care, etc.)

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