Buying

Pros
  • Build equity over time
  • Home values typically increase over time
  • Interest and property taxes are deductible
Cons
  • Costs of closing, insurance, taxes, and monthly utilities
  • Responsibility for ongoing maintenance and repairs
 

Renting

Pros
  • Smaller upfront costs
  • More freedom to move if needed
  • Landlord pays for maintenance
Cons
  • You don’t build any equity
  • Rent could go up over time
  • Landlord might sell or decide to stop renting
 

Top Considerations

Budget
Be realistic about your financial situation and what you can afford. Expenses add up quick. There are various upfront costs like a down payment, closing costs, moving costs, and even buying new furniture. You’ll also need to factor in monthly expenses like property taxes, homeowner’s insurance, utilities, and possible homeowner’s association fees. Use our helpful Rent vs. Buy Calculator to help assess the costs of both options.

Life Goals and Plans
If you feel certain that you will stay in your home for at least 5 years, buying a home could be a great option for you. Be sure to consider your future when choosing your new home. For example, if you and your spouse are ready to start building a family, you’re going to want to consider school districts and find a home that can accommodate a growing family. However, if you're at a stage in your life where you want the ability to move around with ease, renting might be a better option. For example, you may be aiming for a promotion in a couple years, but the job is in another state. Take the time to assess your goals and whether you're ready to commit to homeownership.

We're Here to Help

Buying a home is a big decision. We’re here to help guide you through the process and find solutions that will adapt to your growing needs. Contact one of our helpful mortgage experts today and let us help you get the answers you need.