Should You Rent a Home? Weighing Your Options

Should You Rent a Home? Weighing Your Options

Should You Rent a Home? Weighing Your OptionsWhen it comes to renting and buying, there are a lot of factors to consider. Depending on your financial situation, your mobility, job security, and lifestyle, your needs may fluctuate over time. Therefore, we have devised a list of advantages and disadvantages of renting in order to help you make the right decision when it comes to your dwelling. In addition, don’t forget to secure your residence with a customized CT Renters Insurance policy.

The most obvious advantage of renting is flexibility and cheaper monthly payments. Depending on what type of home you wish to have someday, renting is usually less expensive. In addition, some of your utility bills such as water and cable might be included in the monthly rent, which adds savings to your pocket. Next, if your job requires you to travel a lot, or you’re in the process of getting a raise or switching careers, renting is likely a more suitable option. Finally, your landlord is responsible for making all of the necessary repairs and maintenance on your dwelling. As a renter, this should be clearly outlined in your rental agreement, which keeps you off the hook for additional upkeep expenses.

However, on the contrary, there is no tax break for renting. You won’t be able to claim any deduction for mortgage interest and property taxes when you file your tax returns, explains In Charge Debt Solutions. In addition, your rental payments are not fixed like a mortgage payment would be. Therefore, you’d have to consider the possibility that your rent will increase after each leasing period has ended.

What’s more, rental payments do not build equity as mortgage payments do. Essentially, it’s money that is paid outright with no benefits in terms of tax or wealth-building.

While there is much to consider, anyone who is looking to rent or buy needs to manage their credit score. As this number will dictate what you can borrow and at what interest rate, staying on top of this information is critical for renters and buyers.

About Byrnes Agency

At Byrnes Agency, we specialize in safeguarding your property and your assets. We understand the risk implications of renting and seek to provide comprehensive coverage to give you peace of mind. To learn more about our coverage plans, contact us today at one of our three locations.

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Dayville Office

Phone: (860) 774-8549
394 Lake Rd
Dayville, CT 06241
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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Norwich Office

Phone: (860) 886-5498
6 Consumers Avenue
Norwich, CT 06360
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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Woodstock Office

Phone: (860) 928-7928
1226 Connecticut 169
Woodstock, CT 06281
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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