Owning a home is the American dream. But for some individuals, renting a property can be a wise choice, both financially and personally. Which is right for you? Consider the following:

1. Which offers lower monthly costs?
   In many locations rent is still affordable. In others it can be higher than a comparable mortgage, especially when you consider that mortgage interest and property taxes are tax deductible. If your potential monthly mortgage payments are lower than your monthly rent, it might be time to buy.
2. Which offers more value?
   A home is an investment. A rental property is an expense. Home ownership allows you to build up equity over time, which can make buying a home a better value even though it might seem more expensive in the short-term.
3. Which offers more stability?
   As a renter, you’re subject not only to rising rents, but also to the sale of your building. As an owner, your home belongs to you until you’re ready to move on.
4. Which allows you to benefit from mortgage interest?
   You can deduct mortgage interest from your income tax if you buy a home. If you rent, your landlord gets the deductions and uses your rent to make the mortgage payments.
5. Which allows you to deduct real estate tax?
   You can deduct real estate taxes on your tax return when you own. If you rent, your landlord takes the tax deduction.
6. Which gives you good credit?
   Home ownership is a major indicator of financial responsibility and stability, which gives you the chance to build a strong credit history.
7. Which helps you establish roots?
   Unlike home owners, renters often don’t establish roots in a community.
8. Which helps you build a retirement nest egg?
   Homeowners can enjoy tax-free profits up to $500,000 from the sale of a primary residence that they have occupied for two of the last five years, if they are married and filling jointly. If an owner is single or married filing separately, he or she can enjoy tax-free profits up to $250,000.

Top

No question about it, home ownership is a big investment, maybe the largest you’ll ever make. But over time, it’s an investment that pays for itself many times over. Here’s how:

Tax Advantages

• Mortgage interest is tax deductible.
• Real estate taxes are tax deductible.
• Local tax benefits are available in many areas.
• You can enjoy tax free profits from the sale of a primary residence that you have occupied for two of the last five years if you are married and filing jointly. If you are single, or married and filing separately, you can enjoy tax free profits up to $250,000.

Investment Benefits

• You build equity over time, which you take in cash when you sell your home.
• The profits from home investment are often greater than from many other investments.
• Because you can borrow against it in most states, home equity can be a source of emergency funding.
• Land appreciation adds to the value of your home.
• For many, home owning is an important part of retirement planning.

Personal Satisfaction

• You gain more living space.
• You enjoy the satisfaction and pride of home ownership.
• Home ownership, for many people, is a sign of independence and achievement.

 Top

 Top

An efficient, well-managed move not only saves you time and money, it can also make the transition to your new home easier and more pleasant for your whole family. That’s why the Council of Residential Specialists offers these proven tips to help make your move a trouble-free experience from start to finish.

 Top

• Hire the movers. Retain a reliable moving company as early as possible. Be clear about your needs and expectations, and make sure you understand the company’s policies.
• Take a room by room inventory of your home. This list will help you when it’s time to pack.
• Organize your belongings. Clean and sort your possessions and set aside unwanted items for a garage sale, your favorite charity or the garbage pickup.
• Arrange for the shut-off or transfer of your phone and other utilities.
• Contact your bank and transfer the contents of your safe deposit box to a bank closer to your home.
• Complete the change of address kit at your post office.
• Give your friends and relatives your new address and phone number.
• Obtain copies of all medical and dental records, school transcripts and birth certificates.

 Top

• Label contents on the outside of each box and indicate where it will go in your new home.
• Write FRAGILE in large, legible letters on boxes that contain breakable and/or valuable items.
• Pack all breakables and liquids separately.
• Seal all medications and other containers to prevent leaking and move them in leak-proof bags or containers.
• To conserve space, fill drawers with light items such as shirts, underwear, blankets, pillowcases, etc.
• Transport your plants and pets personally, if possible. Make sure pets are kept in a well-ventilated cage.
• Hard to replace valuable items such as jewelry, documents or artwork should also remain under your personal supervision.

 Top

• Get plenty of rest the day before you move.
• Have food and beverages available for the movers at both ends of your journey.
• When the movers arrive, show them which items you want loaded last, and which items they should not load.
• When you arrive at your new house, check the utilities and do as much cleaning as you can before moving furniture inside.
• After the movers have finished unloading you might be asked to sign an inventory list. Note any apparent damage before you sign and indicate in writing that you have not finished inspecting your possessions.
• Plan something special for the family at the end of the day.