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.
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.
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!