Renting
Pros
Cons
- Your landlord will handle all repairs needed.
- Makes moving much easier
- You don’t have to pay property taxes
- Low upfront costs
- Few concerns about property losing value
- Increased monthly payment
- You’re not building equity.
- You’re paying for someone else’s asset
- Signing a lease and following landlords rules
- Not all landlords are created equal
Buying
Pros
Cons
- Payments build equity
- Tax deductions
- Stability
- Building your credit
- Lower monthly payment
- Maintenance
- Property values can fall
- Significant upfront cost
- Longer commitment
- Property Taxes
Are you still unsure what to do? Ask yourself these questions
- What makes more sense financially?
- Do you plan to stay in your next or current home long-term?
- What are your family goals? (If you’re planning on having children, consider school districts, landscape, and the neighborhood)
- Are you financially equipped to handle repairs and maintenance?
- Write down your own Pros & Cons list. Ponder on that.
As you can see, there are benefits to both buying and renting. This is a critical life decision, think long and hard about it. Look at your goals and which option will get you closer to them. Now the decision is yours, good luck! Please reach out to us if you are looking for financing options. If you decide to buy, we have a realtor on our team who can point you in the right direction, we’re happy to help!
Thanks for reading!