Renting vs. Buying a House: How do you choose which is best for you? Deciding whether it’s time to stop renting and purchase your own home is a very important decision. Our mortgage professionals will lend you their expertise to simplify the process. We help you understand your options to make the most informed decision when you are ready to buy a house.
Some of the Benefits of Renting:
- Less Responsibility: You won’t usually pay for costly repairs or renovations.
- Value: You may have a rent-controlled apartment or below-market rent.
- Depreciation: You won’t be affected if your home loses value.
- Mobility: Ending a lease and moving is easier than selling a home and moving.
- Saving: You may not have to pay bills such as home insurance and utilities.
Some of the Benefits of Buying:
- Control: You can customize or renovate your home however you’d like.
- Stability: You know your annual costs—your mortgage payments aren’t subject to dramatic increases in rental prices.
- Investment: You benefit yourself—not your landlord—through monthly payments that build home equity.
- Appreciation: Your home may increase in value years after you purchase it.
- Saving: Home ownership may qualify you for tax deductions based on mortgage interest payments or real estate taxes. Consult with a tax professional to see if you qualify for any deductions.
Renting vs Buying a House? Factors to consider:
- What can I afford?
- Is it more affordable to buy or rent in the area I’d like to live?
- What are my future plans?
- Do I need a bigger home for a family?
- What is my income like now vs. 5 years from now?
We can assist you every step of the way especially when you are deciding between renting vs. buying a house.
Contact our personal mortgage banking experts to be advised on what’s best for you.