Jeff’s Carlsbad Blog for First Time Home Buyers

Rent or Buy?

Posted in Financial,Homeownership,Taxes by Jeff Dowler on December 18, 2006

man-thinking.jpgIf you are reading this blog, chances are you are seriously thinking about buying your first home, and are currently in the rental mode.

You may have read an earlier post when I talked about homeownership in general and the advantages.

Whether you decide to rent or buy depends on a lot of factors, for example:

  • Personal desire to own a home
  • Financial (taxes, income, desire to enhance wealth)
  • Future plans to relocate

Owning your own home DOES provide a number of financial advantages, but it may not be right for you at this particular time. Consider this:

  • If you don’t have the income to qualify, have credit problems, or your income is not regular, then owning a home may not be right.
  • If you are planning to move in less than 2 years, buying a home (especially in a market where appreciation is more limited) may not be financially prudent. 
  • You may like the flexibility of having an apartment – you can move when you want (depending on leases), and you don’t have the responsibility of maintenance and related homeowner issues.

I suggest taking a look at the financials for both scenarios to see if it makes sense for you. There is a buy vs. rent worksheet on my website page for buyers that you may download and use. And let me know if I can answer any questions.


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