Renting or Buying... Which is better?

The big question of whether renting or buying is better has been at the forefront of everyone’s mind these past few years. There is no easy answer. It depends on your personal goals. Rent and mortgage interest rates have been climbing since the pandemic, so there are some considerations and questions you need to ask yourself to determine which one is right for you. There are three things to consider. They are financial, lifestyle and personal goals.

1. Financial Considerations:

   1. A portion of your mortgage can be a tax deduction.

   2. Do you have a downpayment upfront?

   3. Will you be able to keep up with cost of maintenance?

2. Lifestyle Considerations:

   1. How long do you plan to stay? If the answer is less than 5 years, chances are you should rent and not own.

   2. How much flexibility do you need with space? If you’re planning on starting a family then buying is the more viable option.

3. Personal Considerations:

   1. Renting will mean that you cannot change anything major in the home.

   2. How much time do you have to give to your home? If it’s very little then renting may be the way to go. Buying a home is a larger time commitment.

We hope this helps you understand whether buying a home or renting is better for you and your situation. Which ever you decide, we got your back. We offer homeowner’s insurance as well as renters and we will shop around to get you the best rates possible!