Should I Buy or Rent?
If you’re interested in taking the leap from renting to buying, ask yourself these questions.
First ask yourself these questions:
Can you afford the upfront and ongoing costs?
Make sure your budget can handle the down payment and closing costs, plus the ongoing expenses of maintaining a home, paying property taxes and more.
How long will you live in the home?
General recommendations are to buy a home with the view of living there for at least five years to make those upfront expenses worth it.
Are you emotionally ready?
Homeownership goes beyond the tangible. It’s a source of pride and stability for owners, as well as a huge responsibility and a sign of settling down.
Consider some of the basic pros and cons of renting versus buying to gauge where you’re at:
Pros & Cons of Renting
- PRO: Flexibility. There’s less hassle if you want to move.
- PRO: Fewer costs. Down payment, closing costs, taxes, repairs and maintenance all add up.
- PRO: Less responsibility. If the heating breaks or faucet leaks, it’s someone else’s problem.
- CON: No control. You probably can’t paint walls or make changes to the space.
- CON: No equity. Your rent doesn’t go toward an investment.
- CON: Rent increases. Your rent will continue to rise year after year.
Pros & Cons of Buying
- PRO: Tax benefits. You may be able to deduct your mortgage interest from your taxes.
- PRO: Equity. The money you pay toward your mortgage is ideally recoupable.
- PRO: Ownership. You get the pride, stability and freedom of owning your property.
- CON: Extra costs. Making repairs, paying property taxes and more are part of home ownership.
- CON: Less flexible. There are more steps to undertake when you’re ready to move.
- CON: Your time. Maintaining a home will take up a lot of your free time.
Rent vs. Buy Calculator
Crunch the numbers with our calculator to get a customized, quantitative report to help you decide whether you should rent or buy a house.
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