There is no general right answer to the question: rent or buy.  Each option can work well for different individuals in different circumstances.  So how do you decide which option is best for your?  Consider the following:

Renting
Pros
If you have a job or lifestyle that requires frequent moves, if you have credit problems or just do not want the responsibility of owning/maintaining a home, renting could be ideal for you.  Most rental properties typically require a year lease commitment – making it a short-term housing solution.  And landlords are usually responsible for the maintenance and property taxes on rental properties.

Cons
When you rent, your monthly payments return minimal financial benefits.  In addition, most states offer little in the way of tax advantages for renters.  The majority of financial and tax benefits go directly to the landlord or property owner.  And rents typically rise from year to year, making payments – over the long-term – rather unpredictable.   

Next Steps
Considering Renting?  Partner with a Realtor® for help in finding rental properties ideal for both your needs and budget.  Realtors have access to the latest rental listings.  In addition, Realtors can facilitate the transaction, obtain your credit report and manage the necessary paperwork to ensure your best interests are protected.

Buying
Pros
Home ownership has long been considered the “American Dream” – partly because of the many emotional benefits including the natural sense of accomplishment and pride, but the real advantage of home ownership is clearly financial.   Real estate typically builds value over time; the payments you make boost your net worth by building equity that you can borrow against; and the mortgage interest and real estate taxes are deductible – allowing you to subtract part of your housing-related expenses from your income – thereby reducing your overall income tax liability.

Cons   
Owning a home requires more responsibilities.  As an owner, you’ll be responsible for maintenance and repairs, insurance, taxes and other costs.  However, if you’re prepared for these responsibilities, the pros of home ownership far outweigh the cons.

Next Steps
Considering Buying?  Partner with a Realtor.  Realtors are knowledgeable experts on Bergen County Area communities, market conditions and the latest available properties.  Because our real estate market is constantly changing, it can sometimes be very difficult to find an available property that matches your needs and preferences. Realtors can be an excellent resource and they can help you make sense of the labyrinth of forms, financing options, pricing and assist with negotiating, closing and more.