To Rent or Buy..... That is the Question

The debate to rent or buy is one that occurs in all of our minds at some point. Should we take the plunge and purchase a home? The monthly mortgage payment may be less expensive than renting with the current historically low interest rates, but is it the right move for you?

Home ownership offers stability, equity, and the potential for personal wealth growth; however, if you tend to be more of a transient individual the ability to move at the end of your lease may appeal more to you. Often renting a place means you do not have the creativity to style or change the home to meet your unique taste, but with homeownership you can change the color of the walls as many times as you want without asking permission.

An advantage of renting that many often consider is the lack of financial responsibility for major repairs that comes with homeownership. A house can be costly if not maintained well, but if you make necessary updates, repairs as needed, and maintain your home consistently you make for a better investment and the long-term results will likely be more equity when you are ready to sell.

Insurance requirements are different for renters and buyers as well. Renters only insure their goods within the home; whereas, a buyer is responsible for insuring the dwelling and their personal belongings. There are other costs that come with homeownership such as property taxes, potential HOA (homeowner's association) fees, and other fees relating to the maintenance and upkeep of the home that renters do not face.

If homeownership is something that you are really interested in at this time, but you are on the fence, here is a quick little chart that can help you determine if now is the time to buy:

Whether you decide to rent or buy, I am here to help you find the perfect home. Please feel free to reach out to me for your renting and home purchasing needs!