Renting vs Buying A Home
Diving into the housing market is a major life milestone so it’s important to determine what exactly you’re looking for as a potential owner or renter.
Ask yourself the following four questions for to start:
- Am I ready to make a steady financial commitment?
- How long do I plan on living in the house?
- What is the state of the current housing market?
- Which option may cost less every month and in the long run?
There are many benefits to owning a home such as complete control over the renovations inside & out, building a steady line of credit, and equity over time. According to Forbes, buying is often considered less expensive than renting over an extended period of time, as mortgage payments eventually decrease with time.
Renting on the other hand has many benefits including lower initial costs, a set monthly payment, maintenance and repairs are often taken care of, and greater flexibility. If you change jobs or plan to start a family, renting gives you the ability to move when you need to with little notice depending on renter contracts.
Use Our Home Affordability Calculator