Benefits of Buying vs Renting a Home

Both options has its benefits, so consider what matters to you.

Benefits of Buying

  • Having no landlord means you can make the house into the home you want without needing someone else’s permission.
  • Greater privacy.
  • Homes typically increase in value, build equity and provide a nest egg for the future.
  • Your costs are predictable and more stable than renting because they’re ideally based on a fixed-rate mortgage.
  • Unlike rent payments, the interest you pay with your mortgage payments can be tax-deductible.
  • It’s cheaper! After the down payment and closing costs – it’s more affordable then rent.
  • You can find a mortgage tailored to your budget and goals to keep your monthly payment from going up as the market changes.
  • Mortgage rates are currently low, making it an economically wise choice to purchase a home sooner than later.

Benefits of Renting

  • Your landlord is OFTEN responsible for home repairs and upgrades.
  • You won’t have to pay property taxes on your home.
  • Moving can be easier since you won’t have to sell your home or find renters.

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