Your Simple Guide To Renting Versus Buying

Should you buy a home or rent in our current market? The truth is that it all depends on your situation. That’s why I’m sharing a few pros and cons of both renting and buying in our market.

First, let’s talk about financial pros and cons. When you rent a property, your monthly payment stays the same during the length of your lease. However, when it comes to actually renewing the lease, you have a high probability of that rental rate going up due to factors like inflation. On the other hand, mortgage payments will stay the same no matter what. Your property taxes may increase, but your actual monthly payment will never increase with a conventional mortgage. 

"When you own a home, you build equity with every payment."

Another thing to consider is that your rent payments are lining your landlord’s pockets, not yours. Meanwhile, with every payment you make towards your mortgage, you build equity and increase your net worth.

Those are some of the most important financial benefits of owning a home, but there are some personal benefits of renting. For example, you aren’t responsible for maintaining the property, so if something breaks, you can just call your landlord, and they’ll take care of it. However, you also don’t have much control over your living space. When you own your home, you can change the paint colors, knock down walls, and do whatever you want.

Of course, these are just a few of the pros and cons of renting versus buying. Call or email me if you have any questions; I look forward to hearing from you!