To Buy or to Rent? That is the question…

Answering this question will involve taking a lot of factors into consideration, however with rent costs rising, buying is becoming more and more appealing. Some questions you should consider when making this decision:

How long do you plan on living there? If it is a very short period of time, renting may be the right answer for you. Consider your career and whether it requires you to move frequently or not. Buying and selling a home is a process, but if you are going to be there for an extended period of time the benefits are worth it.

What percent is your rent increasing by each year? Your monthly rent may start out lower than a mortgage payment, but it can also increase much quicker and suddenly be higher and you get no return on a rental!

Consider the tax savings. With the tax savings of home ownership, the homeowner’s payment is can be significantly less than the rental payment after only 3 years.

What kind of down payment can you put down? If you can put less than 5% down renting may be the best avenue for you.

Consider your credit score and income stability. If you have steady income and a solid credit score, owning a home may be the way to go for you. Buying can help you build equity and be eligible for homeowner tax breaks and credits.

The decision to buy or rent depends on three main factors: current financial situation, future plans, and your lifestyle choice. In comparison to renting, buying a home may appear to be a more complicated financial decision when you begin looking, but it can be a much better deal.

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