Renting vs. Buying
Traditionally, becoming a homeowner has been referred to as “The American Dream.” And many experts agree that it’s an excellent investment! However, homeownership is not the right decision for everyone.
Whether you choose to buy or rent your home depends upon your life situation and personal preferences, as well as the bottom line. We've rounded up a list of some of the major benefits of homeownership for you here.
In addition, consider asking yourself the following questions as a guide to determine whether homeownership is right for you at this time:
- What are your personal pros and cons for renting versus buying? What would being a homeowner mean to you versus being a renter?
- Are you in a financial position to buy a home at this time (down-payment, monthly mortgage payment, closing costs, emergency savings, etc.)?
- Are you planning to settle into a certain area for an extended period of time (longer than the typical one or two-year lease on a rental)?
- Do you have the time, ability, and desire to maintain a home (yard work, repairs and renovations, general upkeep) yourself?
These are all very real and very valid concerns. If you’re not interested in or ready to buy a home, either mentally or financially, then honor your individual needs and wait. While some people consider renting to be an act of “throwing money away,” it isn’t. Your rental payments cover the basic human need for housing without the lifestyle changes that many simply don’t want or have time for.
If you’ve made the decision that you do want to buy a home, your next step is deciding how much you can comfortably afford. Check out this calculator to get an estimate.
Want to talk through where you're currently at? Our loan officers would be happy to help! Get in touch today.