Buying Your Home

Renting vs. Home Ownership

Owning a home is a lifelong dream for many people. Others prefer the lower day-to-day living expense of renting.

No one can tell you whether it's better to buy or rent. The decision is entirely up to you based on your preferences and circumstances.

• Length of Stay
  If you plan to move soon or often, it is probably better to rent. Every real estate purchase transaction involves one-time costs, legal and real estate fees, etc., that make home buying more costly than renting, regardless of the return on investment.
   
• Steady Employment
  Home ownership involves a number of ongoing expenses, mortgage payments, taxes, maintenance, etc. Make sure your income is steady before buying a home.
   
• Down Payment
  The down payment and other upfront costs of home ownership are higher than renting. But, your down payment is equity in your home and the effort of the other upfront costs is reduced the longer you stay in your home and build equity.
   
• Credit Standing
  If you have bad credit, it could be more expensive to own a home because you may have to pay a higher interest rate or have difficulty getting a mortgage.
   
• Building Equity
  Your down payment and some of your monthly mortgage payment reduces your mortgage principal and increases the portion of your home that you own
   
• Pride of Ownership
  A dollar value cannot be put on the enjoyment and fulfillment you get from owning your own home.