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Buying vs. Renting

THE AGE-OLD QUESTION: SHOULD I BUY OR RENT?

So if you’re on here, you’re probably asking yourself that question. Welp, if you’re looking for a 100% right answer...sorry, we can’t help you there. Thing is, buying or renting is based on you. Your lifestyle. Your goals. But we’re here to help. Now, we love lists, so here are the things to consider when asking yourself “Should I buy or should I  rent?”

 

 

Upfront Costs

Recurring Costs

Upkeep

Tax Advantages

Equity

BUY

Down payment

 

Home appraisal

 

Closing costs

 

Moving expenses

Mortgage payment

 

Homeowner’s insurance

 

Utilities

Freedom to personalize and renovate your property

 

Responsible for maintenance costs

Deduct the cost of mortgage interest and property taxes

A home builds equity and provides a retirement nest egg.

 

Plan on staying for at least 5 years to recoup initial costs

RENT

Application Fee

 

Security deposit

 

Moving expenses

Rental payments

 

Utilities

Must go through landlord for personalization decisions

 

Landlord mostly responsible for maintenance

Possible tax credit programs, particularly for elderly or low-income renters

No equity

 

So there’s a lot to think about, but we’re more than happy to help. Contact our mortgage professionals to see how we can get you into your own home. 

Rather rent? That’s cool too. Just now we’re here if you change your mind.