Deciding whether to rent or buy can be a tough choice, and there’s no one-size-fits-all answer. It ultimately comes down to what makes sense for your lifestyle and goals. Take this short quiz to help you weigh the options and determine which path is right for you.
Would you rather:
A) Save for a down payment and know your monthly mortgage payments will help you build wealth?
B) Have fewer upfront costs and put your savings into other investment vehicles to gain wealth?
A) Have the freedom to customize and renovate your living space to suit your style and tastes?
B) Call the landlord when something breaks (and never have to do yard work!)
A) Stay put for several years and lay down roots
B) Have the flexibility to move around
A) Have a fixed, stable monthly mortgage payment for years, but cover property taxes and maintenance
B) Pay rent which will likely increase over time, but not have to worry about extra costs like property taxes and maintenance
Tally up your answers. If you answered mostly A’s, homeownership might be the right option for you. If you answered mostly B’s, renting may better suit your lifestyle for the time being.
The Final Factor: Finances
If you want to buy a home, the most important question to ask is if you can afford it. Schedule a call with your mortgage loan officer to go over your finances and discuss whether you’re financially ready to take the leap into homeownership. Even if you don’t feel ready right now, they can help you understand what steps you need to take to get there.
Your decision to rent or buy ultimately depends on what’s more affordable for you. For a simple way to run the numbers, try using our mortgage calculator.
