RENT vs. BUY

This isn’t always an easy question to answer, and the answer may change depending on your community, circumstances and priorities. Should you rent or buy? That’s the big question you need to ask yourself before you go house shopping. The answer to that question depends on your priorities. Do you want to build equity, or do you need to be able to relocate easily? To find out more about the benefits of owning a home versus the benefits of renting, check out the chart below. It will help you decide. Make your own pro/con chart to compare costs, and remember to include all the fees: Utilities, Home Owners Association fees, taxes, property insurance, mortgage insurance if needed, maintenance, landscaping, updates, improvements or renovations. Also consider the tax benefits in deduction, specifically mortgage interest.  Make sure to include these things in your calculations and thought process:

• Where you want to live (costs can vary by neighborhood)

• The home’s purchase price (wondering how much house you can afford? We can help with that!)

• Your down payment 

• The term of your mortgage

• How long you think you’ll live there 

• The cost of renting a similar home

The Team from Holymatrihomey is here to help!