Home Shoppers: Comparing Renting vs. Buying

Home Shoppers Comparing Renting vs. BuyingFinding a home to build your life in is a big decision. Whether you are in the market for a condo or a large family home, here are some considerations to take into count when determining if you want to rent or buy the property. Depending on which option you feel is best suited to your needs, CT Renters Insurance or CT Homeowners Insurance is a critical component in protecting your property.

Reasons to Buy:

Stability- Owning a home means no unexpected rent increases from a landlord or worrying about them selling the property. The home is yours indefinitely and provides stability for you and your family.

Tax Benefits- As a homeowner, you qualify for certain tax breaks. For example, you are able to deduct many home-related expenses and, unless you owe more than $1 million, all the interest you pay in your mortgage payment is tax deductible, according to Kiplinger.

Building Equity- Making your mortgage payment on time each month builds equity and improves your credit. What’s more, paying off your mortgage can mean a cheaper cost of living once you retire should you choose to stay in the house.

On the other hand, if you are unsure of where you want to end up, or are in a transitional period, here are a few Reasons to Rent:

Flexibility- Renting allows you to move around as you please and accommodate changes such as relocating for jobs, school, a spouse, etc. If there is uncertainty with your career or where you would like to put down roots, renting is your best bet.

Evading Home Ownership Costs- Renting a property allows you to avoid repair and maintenance fees that a homeowner is responsible for. Some maintenance costs and fees include HOA fees, realtor costs, property taxes, landscaping, furniture, mortgage fees, etc.

Illiquidity- As many homeowners sink their entire life savings into a home, the majority of their worth is tied up in an illiquid asset. Therefore, there are benefits to investing your cash in other avenues.

At Byrnes Agency, we specialize in safeguarding your property and your assets. We understand the risk implications of both renting and buying and seek to provide comprehensive coverage to give you peace of mind whatever you choose to do. 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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