Renting vs. Buying – Is this your year?

New year, new house?  Could this be the year you finally buy a house and get out of renting for good? There is a lot to consider with this decision so we’ve put together a list of the advantages of buying and some reasons to keep renting in the event buying is not in your best interest at the moment.  Take a look and think it over!  If you have any questions on buying vs. renting, there’s no better person to talk to than a Realtor.  They are your industry experts and can get you going on the path towards buying.

Advantages of Buying

  • Ample inventory of new and existing homes means more choices and competitive home prices for potential home buyers.
  • Interest rates are generally low right now, making it a great time to buy.
  • When you buy a house, you will know that the mortgage rate for the next 5 to 30 years is going to be the same every month. Rent may continue to increase each year.
  • With each payment, you will build equity and increase the amount of total home ownership.
  • There may be down payment programs available in your area that can help you purchase your first home.

You Should Consider Buying If

  • You want to build wealth.  Investing into real estate is the fastest way to add zeros to the end of your net worth.
  • You want to settle down, build community and know you will be in the same city or town for at least 2 years.

You Should Keep Renting If

  • You need flexibility and don’t want to commit to staying in the same location for the foreseeable future.
  • You have limited income or are unsure about your current job.  Renting allows you the flexibility to downsize your living space.

If you are thinking about buying a home, reach out to a REALTOR® to get started.

Click here for a printable version.

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