A home may be the most significant purchase you will make in your lifetime. Home ownership as opposed to renting has many advantages, but it also brings many new responsibilities. Let’s consider a few differences in buying vs. renting:
You might want to rent if:
- You’re new to the area and need to decide where you want to live
- You move frequently with your job and desire flexibility
- You have little desire to own a home
- You don’t want to spend a large sum of money for a down payment
- You are not interested in the maintenance responsibilities of a home
- You enjoy the potential amenities that many rentals provide
- You hate the idea of spending your weekends at Home Depot/Lowes
You might want to own a home if:
- You want the feeling of security that comes with homeownership
- You have a good record of paying your bills on time
- You pay as much or more in monthly rent as you would a monthly mortgage
- You would like to improve your financial independence
- You feel it’s a good investment
- You want your own yard
- You want to be creative with the interior and make it your own
- You don’t want to worry about somebody forcing you to move
- You want to establish roots and/or start a family
Please bear in mind that your reasons to buy a home are not only a financial one. There are many emotional reasons for wanting to own the home you live in. Consider the benefits and the differences between homeownership and renting to determine if owning a home is right for you. And I’d love to help you on your way!
