To rent or to buy? This is the question many consumers face when considering moving into a new home. This is not a question you can answer over night, and often requires a lot of assessment and calculations.
There are many advantages and disadvantages of owning a home versus renting a home. As a homeowner, you can reasonably expect the value of your home to increase over time. This will increase the amount of equity accessible to you, and could reap major rewards to your financial position in the long-run.
On the other hand, if you were to rent a home during the same period of time, you are left with no equity and no property investment since you don’t own the home. However, you may have enjoyed lower living expenses and had the opportunity to save more money compared to if you owned the home.
There are many factors to take into consideration when deciding whether it will be beneficial to own or rent a home. Such factors include: the cost of the home, amount of your down payment, mortgage rates, and your monthly expenditures.
Your real estate professional will assist you weigh out the pros and cons between your options and eventually help you come to the best decision.
Contact me for more information.