Buy vs Rent
Many people ponder to buy vs rent a home. Purchasing a home is one of the biggest investments in your life. If you choose to do so you want to make sure you do it wisely. There are pros and cons to doing either. It really depends on your personal goals and present situation. Here’s a few things to consider:
Reasons to Rent:
- You do not intend to live in the region for more than a year
- You are highly uncertain about the security of your employment
- Renting allows you not to worry about a down payment on a property or potential costs involved in owning a home.
Reasons to Buy:
- You can usually own a home for a similar monthly payment (or even less!) vs. renting
- Real estate typically builds equity for a good return on investment
- Potential tax deductions for loan interest
- Purchasing a property usually affords you more living space
- You can customize and upgrade your property based on your wants and needs
It is important to estimate the costs of whether to buy vs rent. You can base this estimation on current interest rates and the present real estate prices. Before you make any decision, consult with a Mortgage Loan Officer (like North-East Financial) to help you calculate potential mortgage payments. As well, you contact a Real Estate agent for current real estate market details.
I would love to help you discuss your options. We will work with you every step of the way and the pre-approval process is easy. There are many great first time home buyer programs available with both FHA and Conventional Loans.
Feel free to call me at for a free consultation.
NMLS# 1083107/Company NMLS# 117273