The choice between buying a home and renting is one of the biggest financial decisions many people face. There is no perfect answer on whether renting or owning a home is better. You need to weigh out the benefits and the costs of each. Below, are a few points to consider when deciding what works best for you and your family.
BUY:
- Investments in home improvements put money in YOUR pocket in the long run, not a landlord’s.
- You get to be in control of decorating or remodeling to make it feel like home.
- You get to take advantage of any equity that grows in your property.
- No pet or breed restrictions
- If you have a fixed rate loan, your principal and interest payments will not rise with market changes. (Note: This does not include taxes or insurance, those may change over time)
- No lease terms – you decide how long you stay.
RENT:
- You will need the permission of your landlord to decorate or make any alterations to your rental.
- Any equity built on the property will go to the owner, not you.
- Pet restrictions are very common
- You are tied into a lease agreement and can only move when your lease ends. This can also mean you may have to move suddenly if your landlord decides to sell.
- You do not have to worry about maintenance issues.
If you are wanting to compare monthly mortgage costs and rental costs, give me a call. We can look at a variety of programs and options that could mean a path to homeownership for you!