Renting vs. Owning: What Is Best for You?

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When it comes to buying a home, there is a lot to consider and weigh to make sure you are making the best choice. If you are still deciding if you should move from renting to owning, here are a few more things to take into consideration.

First thing, when you own your home you have more freedom to decorate, remodel, and/or alter the landscaping to fit your style. In addition to the flexibility to enhance your home, you gain a pride of ownership and belonging within the community. Last, but certainly not least, are the financial benefits of being a homeowner.

In an article put out by Keeping Current Matters, they looked at the financial benefits of why now is the best time to buy. Breaking it down why not is the best time to buy, financially, consider your dream home costs $250,000 today, at 4.41% interest, your monthly principle and interest mortgage payment would be $1,253.38. Then let’s say you decide to wait to own for another year, with the rates and prices increasing, the same home costs $270,000, at a 5.7% monthly interest. That makes your monthly payment at $1,567.08; a $313.70 difference in monthly payments. Now looking at it over the long term (30 years) you would have saved $112,932 over that time by buying now.

For some, the idea of taking on a mortgage can be intimidating, but consider this, no matter what you are paying on a mortgage ~ either yours or your landlords ~ regardless (unless you live with your parents). Taking that into consideration, wouldn't you rather be paying on a mortgage that will benefit you in the long run not someone else?

A few other things to consider is that rent can always go up, whereas with your mortgage, it is a fixed payment. In addition, your mortgage payment could be tax deductible and you can build equity in your home.

What is holding you back from moving forward to buying your own home? Give me a call today at 801-774-1687 to find out what I can do for you to help you find your dream home.