Should I Rent or Own?

Should I Rent or Own?

For some people renting a property may be the right choice, both financially and personally. Which is right for you? Consider the following:

1. Which will cost less each month?
Rent can still be affordable, but you should compare it to what a mortgage payment would be for a similar property. If your potential monthly mortgage payment would be lower than your monthly rent, it might be time to buy.

2. Which offers more value?
A home is an investment. A rental property is an expense. Home ownership allows you to build up equity over time.

3. Which offers more stability?
As a renter, you are subject not only to rising rental expenses, but also to the sale of your building or home. As an owner your home belongs to you until you are ready to move.

4. Which is better for your credit?
Home ownership is a major indictor of financial responsibility and stability, which contribute to building a strong credit history.

5. Which helps you to establish roots?
Unlike homeowners, renters are more mobile and often don’t establish roots in a community.

No question about it, homeownership is a big investment, maybe the largest you’ll ever make. Over time it pays for itself. There are several tax and investment benefits to owning a home, as well as personal satisfaction. You will enjoy the pride of homeownership; for many people, it is a sign of independence and achievement. Call me and let’s figure out if homeownership is the best choice for you!