Owning Versus Renting

If you have been thinking of owning and currently rent or have been trying to convince your friends, colleagues or loved ones to purchase a home, than write or suggest a list of the benefits of each scenario. Here are some key points to help with the decision-making process:

Benefits of Renting an Apartment:

1. no burden of maintenance.
2. no financial obligation associated with owning.

Benefits of Owning a Home:

1. offers significant tax benefits.
   
2. freedom to make decisions about your home.
3. lock into monthly housing costs by securing a fixed-rate loan.
4. depending on home-price appreciation, one may yield a substantial profit on a nominal front-end investment.
5. fosters pride of ownership.
6. instills a sense of community.

With the combination of current mortgage rates being at a record low and affordable home prices, we are in a "perfect storm" of opportunity for home buyers.

San Francisco has seen a recent increase in home sales which may not be the case in other parts of California or the country for that matter. It is for this reason that what might be a wise and prudent decision for one may not be ideal for another, depending on where they live and what their specific situation may be.

Bottom line: visit your local, reputable real estate agent to help you weigh your options.