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.