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Whether you’re purchasing a house or moving into a condominium for rent, relocating is a major milestone in anyone’s life. With all of the factors involved in moving, it can be difficult to choose between buying or renting a property. Here are some ways to decide whether or not to purchase your next home.

5 Factors to Consider When Deciding to Rent or Buy

1. Financial Readiness

condominiums for rentWhen making your decision, consider your financial readiness. While purchasing a new home always requires you to have funds upfront to put towards a down payment, houses and condominiums for rent require a smaller monthly commitment. If you need time to build your finances before you can afford the home of your dreams, consider renting.

2. Mobility

If you’re fully committed to your location and don’t intend to move, mobility isn’t an issue for you and buying a home could be an option to consider. On the other hand, if you’re unsure about your future and want the freedom to relocate again in the next few years, leasing an apartment allows you to move out and shift your plans on short notice.

3. Maintenance

If you own a home, it’s your responsibility to schedule regular maintenance and repair any damages to your property, which gives you full control of all decisions but can also be time-consuming and costly. In a condominium for rent, your landlord takes care of maintenance costs and scheduling, freeing you from responsibility. Decide what seems most appealing to you when making a decision.

4. Financial Incentives

When you own a house or apartment, you receive tax deductions on your mortgage payments, reducing the amount you owe during tax season. Owning property is also a financial investment, as homes continue to hold value over time and can be sold off if you’d like. Renting a home requires a lower financial investment, but doesn’t give you the same financial incentives.

5. The Market

Finally, before buying or renting a home, consider the circumstances of the market you’re in. Some areas don’t offer many rental options and have affordable homes for sale, which could mean buying is the way to go. In some cities, however, buying or getting a loan is very expensive, which could make you lean toward a condominium for rent. Do some research on real estate sites to discover the kind of market in your area to help you decide what’s best for you.

 

Whether you’re looking to build the home of your dreams or move into a condominium for rent, trust Traditional Trades, Inc. in Onalaska and La Crosse County, WI to help you. With over 27 years of experience, this family-owned business helps clients buy, lease, and build, and offers rental luxury apartments for seniors over the age of 55 in safe and friendly communities. Visit their website to view their properties for lease, or call (608) 783-4785 to discuss your needs.

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