Thinking of Renting? Why Not Own?

May 14, 2021

Can’t decide if you would like to buy or rent a home? There are some things to consider before making such a big decision. First step, we can help recommend a couple lenders or mortgage brokers so you know how much you can afford. It will also help for you to think about how long you would be staying in the home. Lastly, have you saved some money for closing costs or a down payment?

To help you decide, here are some pros and cons of renting and buying: 

Buying Pros: 

  • A good long-term investment
  • Building equity and forced savings
  • Stability
  • Privacy
  • Tax write-offs 

Buying Cons:

  • High upfront cost 
  • Maintenance and repairs
  • Less mobility 

Renting Pros: 

  • Rent payments may be lower 
  • Some flexibility 
  • Maintenance is not your responsibility
  • No down payment
  • Easier to just up and move

Renting Cons: 

  • You are not building value 
  • You can’t change anything on the property without authorization
  • Rent could increase 
  • Stuck with a contract of usually 12 months
  • No credit score improvement 
  • You walk away with nothing “in hand” after you are finished renting

Buying a home could be a great investment that could help you grow financially, but it is a big decision to make. There are countless pros/cons for renting and buying. It all depends on where you are and where you want to be. With interest rates at an all time low, most likely you would be paying less for a house payment than you would if you were renting a house. Call us if you would like to talk in more detail about buying a home at 405-410-9696. We also have an informational buyer’s packet we would be happy to send you if you would like one. Contact us today for more information.

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