It’s the rare individual who gets to leave their parents’ home and head straight into buying a place of their own. Most of the time, we’re in a hurry to declare our independence – and we see the biggest part of that as having a space to call our own (even if it is rented).

In a way, that’s a good thing. Because it gives us the opportunity to fully experience one end of the spectrum (renting). But on the other hand, it means that we don’t necessarily know much about the pros and cons of owning our own home. So we’d like to help lay out some of the more important reasons why you might – and might not – want to jump into homeownership with both feet.

Rent vs. Buy

Why to Buy? Here in Las Vegas, it’s been shown that renting can actually cost twice as much as owning. Got that? Twice as much. Ouch. So whether your budget is stretched by your current costs of renting or you want to get more square foot for your dollar, those who qualify for a mortgage loan (and there are more of you than you might think!) – should give some serious thought to making that investment in themselves and starting to build equity in a property, rather than contributing to their landlord’s coffers.

Why to Rent? If you’re not sure about where you’re going to be for the next five years (as a general rule of thumb) – then renting may be your smarter option. Those who may relocate for work or other purposes may not fare as well financially when you consider the costs involved with home and mortgage loan acquisitions, moving expenses, repairs that may be needed, etc. Having the freedom to move quickly for an important job opportunity can also play a deciding factor in the trajectory of your career. So if that’s a possibility – and you can’t afford to maintain two households for a short period of time while your current home sells – that’s another mark in the “reason to rent” column.

Financial Benefits

Why to Buy? In addition to paying less out of pocket per month for your monthly payment on a mortgage, you also have the assurance of knowing that your monthly mortgage payment stays the same – unlike rent payments that can climb regularly. (Unless you’ve opted for an Adjustable Rate Mortgage). There are also the benefits of tax write-offs. Your mortgage loan expense is deductible, and certain repairs or upgrades may carry tax benefits for saving energy resources.

Why to Rent? More flexibility, less responsibility. If you’re a renter and experience a life-changing circumstance – you’re able to adapt more quickly and relocate to fit your financial situation (as opposed to waiting to sell your home). When something goes wrong with the plumbing or the air conditioning, there’s no landlord to call and that (usually unexpected) expense is your burden. And if you’re focused on another financial goal entirely – starting your own business? planning to travel? or one of a million other reasons – then sinking money into a property may be pretty far down on your list of things to do.

The Psychological Aspect

Why to Buy? There is something reassuring about knowing you will always have a place to call “home.” The psychological impact of knowing when you lay your head down at night you’re in a place that belongs to you simply cannot be overstated. There’s no uncertainty of wondering if your landlord is going to sell, renew your lease, or raise the rent. For many – having the ability to paint, decorate, remodel, and make additions or improvements the way you want them is key. For some, it could be as simple as having your own garage or driveway to park your car. And if you’re a pet-lover – well, you know that owning has it all over renting in that department!

Why to Rent? Many people feel that those same reasons to buy are more of a commitment than they want to make. So if that worries you financially (or any other way), there’s definitely something to be said for renting and letting others carry the burden for you (aka, your landlord). If you’re still exploring career options or don’t know where you want to settle down yet, those are more reasons to delay buying a home of your own. “Freedom” is a powerful word, and everyone has their own definition of what it means.

Of course, these are just the tip of the iceberg, and there are generally as many reasons to buy – or not buy – as there are individuals exploring their options. The good thing is that for those who choose the security of a place to call a home of their own, the local real estate market is stable, interest rates are still low, and obtaining a mortgage has become easier and far more understandable than ever before.

Premier Mortgage Lending is one local Las Vegas mortgage broker that offers a variety of products – from true “No Fee” traditional loans, to second-chance financing ( that can help buyers get back into their own home as early as one day after a short sale or foreclosure. Plus, they make it easy to get started and see if you qualify with their secure online application process.

Still not sure where your chips fall on the “Buy or Own?” question? We’ll be happy to help you explore your options further. Just give us a call!

New Home Resource helps current and future homeowners with all of their Las Vegas real estate needs. Whether your preference is for a newly-built home from a local builder, or a resale property in just the right location, a New Home Resource Realtor® is here to find the perfect property for you. Please contact a New Home Resource Realtor® today at 702-365-1000 or at Broker Joanna Piette, and agents Denise Moreno Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, Lance Partin and Kathy Paterniti are all here to help!