Buying vs. Renting

At one point or another, most people are in the position of deciding whether they should buy or rent a home. There are advantages and disadvantages to both. Buying a home isn’t the right choice for everyone. Depending on your income, your location, or even whether or not you plan to stay where you are for very long, renting might be a better choice for you. However for most people, the American dream still involves owning your own home.

One of the major benefits to owning a home is simple that you own it. It belongs to you. You have the ultimate choice in everything about your home. You can decorate any way you like or change the layout or add on to your home. Owning a home is also a major investment opportunity. You might be able to sell the home for a profit down the road, or if you choose to stay in your home you can live there for free once the mortgage is paid in full, while rent is ongoing indefinitely.

There are disadvantages to buying a home. In most cases it does cost more. Mortgage rates may be close to a rental payment, but there are other costs associated with owning a home. These costs include general upkeep, home owners insurance, and sometimes a sizable down payment. A trained Realtor can advise you as to the increased costs of a home you might be looking at and help you decide how much house you can afford.

Buying vs. Renting