Should I Rent or Buy?

Think about it…the average homeowner would never have access to the amazing neighborhoods and well-appointed amenities like the ones offered in Home Properties’ apartment and townhome communities. Depending on where you rent, your community may offer a swimming pool, concierge services, garage space, elevators, theater, fitness center, media center, and other amazing features — all professionally managed with staff ready to assist you 24 hours a day, seven days a week. Read less...

Average annual maintenance can amount to 1-2% of a house's market value. Homeowners need to budget for the unexpected — the leaky roof or the broken furnace. Renters, on the other hand, have the convenience of knowing exactly how much their housing will cost each month. Instead of spending money, time, and energy on property repairs, you can save for your retirement and/or invest in stocks & bonds. Read less...

A big part of “living comfortably” is having the personal flexibility to move if you need to and at your convenience.  When you rent, you're not locked into a long-term financial commitment the way you can be with a house. Where you choose to live should not affect your ability to switch jobs, transfer, or simply make the decision to change your environment. Read less...

When you rent, you don't have to worry about saving for the substantial down payment, attorney's fees, or closing costs. Homeowners are also obligated to pay insurance, property taxes, and school taxes. Insurance premiums and property taxes continue to rise each year, making home ownership a financial challenge, in many cases. Read less...

When you rent, you don't have to worry about the value of your house or your ability to sell in a buyer's market. In contrast, you can leave one rented apartment home and find another quickly for less than the cost of selling or leaving behind an empty house that has yet to sell. Read less...

Most people assume that by buying a house, they will be getting tax deductions to cover the extra costs. However, you get those tax deductions only if you itemize your taxes and only if the costs exceed the standard deductions offered by the government. In reality, only one-third of taxpayers do itemize. If you find you can itemize, depending upon your tax bracket, you may only be saving $.10 to $.35 in taxes for every dollar you pay in mortgage interest. Read less...