The first consideration in your buying or renting decision is often how much each will cost.
Rent-versus-buy decision both have upsides and drawbacks as follows:
When renting a home, your monthly costs are generally fixed for the term of the lease. However, renting will never result in property ownership (no equity). When renting here are some considerations:
Advantages of Renting:
Disadvantages of Renting:
Buying a home requires a down payment in most cases, between 3 percent to 20 percent of the home’s selling price (Veteran’s may get a loan with zero down). You will also pay for closing cost averaging around 2 -4 percent of the home’s price. When buying here are some considerations:
Advantages of Buying:
Disadvantages of Buying:
1. Requires more money upfront.
2. Extra expenses beyond mortgage payments such as property taxes
3. Responsible for repairs
4. Could lose money if home values decline
My family’s many years of experience buying a home has been very rewarding despite all the challenges. We started out buying the least expensive house in a great location and moved 4 times. By building equity, we were able to trade up to our dream house and have a place we call home. Contact us today and we would be happy to walk you through the process. We promise we will not disappoint you.
Ellie & Lauren