Should I Rent or Buy a Home?

Should you rent or buy a home? It’s a question many people will ask at some point in their life. And the answer depends on several factors—renting might be the best choice for one person, while owning a home could make more sense for someone else. There are pros and cons to each side, depending on where you’re at in life.

Renting a home can be beneficial if:

• You’re unsure where you want to establish your roots—in a big city, small suburb, near family and friends, and so on
• You might need to move in the near future
• You’re not ready to deal with the additional expenses that come with owning a home—like repairs and maintenance, property taxes, utility bills, or homeowners association fees
• You have other debt to pay on

Buying a home might be advantageous if:

• You desire the freedom to personalize your home and make it yours
• You want tax advantages that can help save you money
• You’re looking to build your credit or equity
• You’re ready for stability and a good long-term investment

Not sure if you should rent or buy? Utilize our Rent vs. Buy Calculator below to help determine what’s best for you at this time. Then contact us if you think you may be ready for that home mortgage, or if you’re looking for guidance on how to save more money for one in the future.