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Highlands Residential Mortgage Resources

Benefits of Homeownership

By: Highlands Residential Mortgage

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!

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