Renting vs. Buying a House: How do you choose which is best for you? Deciding whether it’s time to stop renting and purchase your own home is a very important decision. Our mortgage professionals will lend you their expertise to simplify the process.

Some of the Benefits of Renting:

• Less Responsibility: You won’t usually pay for costly repairs or renovations.
• Value: You may have a rent-controlled apartment or below-market rent.
• Depreciation: You won’t be affected if your home loses value.
• Mobility: Ending a lease and moving is easier than selling a home and moving.
• Saving: You may not have to pay bills such as home insurance and utilities.

Some of the Benefits of Buying:

• Control: You can customize or renovate your home however you’d like.
• Stability: You know your annual costs—your mortgage payments aren’t subject to dramatic increases in rental prices.
• Investment: You benefit yourself—not your landlord—through monthly payments that build home equity.
• Appreciation: Your home may increase in value years after you purchase it.
• Saving: Home ownership may qualify you for tax deductions based on mortgage interest payments or real estate taxes. Consult with a tax professional to see if you qualify for any deductions.

Renting vs Buying a House? Factors to consider:

• What can I afford?
• Is it more affordable to buy or rent in the area I’d like to live?
• What are my future plans?
• Do I need a bigger home for a family?
• What is my income like now vs. 5 years from now?

We can assist you every step of the way especially when you are deciding between renting vs. buying a house.

Contact our personal mortgage banking experts to be advised on what’s best for you.