Renting vs Buying a Home
There are a number of benefits to buying a home over renting, especially when you have help finding a mortgage program and a home that suits your needs.
It's one of the oldest decisions when people are considering their housing options, and one without absolute certainty: Whether to rent, or to buy a home? And though determining an absolute best option may be challenging, you should still try to make the best choice possible based on the current home loan market and your personal/financial situations.
For those requiring flexibility, whether for career or a lifestyle that requires moving periodically, renting is certainly advantageous, often involving landlords and management companies. This is beneficial to tenants who need repairs to be done without the hassle of contacting repair men, however prefer not having to deal with landlords and management companies, and the security deposits they require can often be a point of contention.
Buying a house, by contrast, offers creative control over your property that landlords and management companies typically restrict - allowing you the freedom to paint your walls, change your cabinets, or even add rooms. Financially speaking, owning not only builds equity but allows you to write off interest payments, especially earlier on where most amortization schedules having borrowers pay primarily interest. Ultimately, many people simply relish being able to truly call a place home.
If you are planning on staying in a home for at least four years, conventional wisdom says it is financially practical to buy a home rather than rent. Have questions about whether buying a house is right for you? Give us a call. We would be happy to discuss the many ways that you could benefit from home ownership.