Should I Buy or Rent?

Things to Consider Before You Make Your Choice

It’s not easy to choose whether you should buy or rent. Many factors, from your long term plans to your current finances, play a role. Rent payments can often be just as expensive as a mortgage payment. Renting doesn’t offer the benefits of investing in an asset. Buying may be a better choice. There are numerous advantages to purchasing, including:,/p>

• Appreciation. Homes often increase in value over time, making them a valuable asset to own and a way to generate wealth.
• Ownership. When you finish paying off your mortgage, you have something to show for it. A house, which is a very valuable asset.
• Equity. Building equity gives you something to borrow against which can help cover improvements (which further enhance the value of your property) or other major purchases.
• Security. If you are on a fixed-rate mortgage, your monthly payment will not increase for the life of the loan. Rents can increase unexpectedly, throwing your finances into disarray.
• Tax advantages. Mortgage interest and property taxes are typically tax-deductible.

What Renting is Good For

Renting is a great way to set yourself up for homeownership!

• Renting allows you to save up to make a larger down payment
• Paying your bills in a timely manner helps to establish your credit, which improves your chances of being approved for a mortgage
• Achieving a stable employment history while you are renting also improves the likelihood of being approved for a mortgage

If you’ve been renting for a while and you think you’re ready to take the first steps toward owning your own home, but want a professional’s opinion about whether it makes sense for you, contact us and one of your loan consultants will help you figure out if now is the right time.