Home: Where the Love Is

Thanks for sharing this!

Valentine’s Day may have come and gone, but Cupid’s aim was true. You found your heart-mate and set a wedding date. Among the many decisions you have to make: where will the two of you live?

Unless you’ve already settled on moving in with Mom and Dad, it comes down to rent or buy. As usual with financial choices, each option has good and bad points.

Here’s an overview of common pros and cons.

  • Can move in and out fairly quickly
  • Selling and closing process can take weeks
  • May already be furnished
  • Will need to buy or rent furniture
  • Rent may include recreational facilities
  • Recreational facilities generally cost extra
  • Possible restrictions on personal choices, such as pets and
    recreational vehicles
  • Homeowner’s associations may impose restrictions on personal
  • Limited decorating possibilities
  • Can decorate as you choose
  • Rent can rise at landlord’s discretion
  • Mortgage payments can be fixed; taxes and insurance will increase
    over time
  • Maintenance handled by landlord
  • Maintenance costs paid by owner
  • No need for a down payment
  • Cash needed for closing costs and down payment
  • No possibility for ownership or equity
  • Part of mortgage payment goes toward ownership
  • No income tax deductions for interest and taxes
  • Potential for tax deductions

Your decision will be affected by other factors as well, such as how long you intend to stay in a particular area and whether you’re ready to settle down. Additional non-cash considerations may also play a role. You might even opt to run a discounted financial analysis that compares the costs of renting and buying over a twenty-year time-frame.

However you do your homework, remember this: what matters most when choosing a place to live is the love and joy within.

You might also like these posts

Article – Preparing for Hurricane Season Image source: By Nilfanion , via Wikimedia Commons. The map shows the tracks of all tropical cyclones which formed worldwide from 1985 to 2005.The Atlantic hurricane season begins June 1. While the 2014 season is expected to be a mild one, mild doesn’t mean storm-free. Getting ready early is a good idea—and early preparati...
Article — Locked Out Image source: UK, public domain, via Wikimedia Commons What’s on your computer? Your manuscripts? Work? Photos? What would you do if you were denied access to those files—if you were locked out by rogue hackers? If you’re shaking your head because you think nothing on your computer is of value to hackers, consider th...
Article — Tax Identity Theft Awareness Week Image source: ftc.gov Taxes are scary enough, without adding tax identity theft to the mix. The costs—$3.6 billion a year according to an estimate by the US Treasury Inspector General for Tax Administration—are scary, too. Unfortunately, both tax ID theft and the costs are on the rise. The US Federal Trade Commission...
Article — Your 2013 Federal Income Tax Return Image source: IRS.gov Whether you’re a part- or full-time freelancer, receiving income means filing a tax return. Here are three things to keep in mind as you look back at your 2013 business activity. Dates: The IRS will begin accepting 2013 business returns on Monday, January 13, 2014. For individual returns, the da...

We write. Visit us in Carpenter Country, a magical place that, like our stories, is unreal but not untrue.

Posted in Articles Tagged with: ,