March 18, 2018
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Buying a House: To Buy or not to Buy

When it comes to home buying or renting, knowing the best decision for you and your family can sometimes be difficult to determine. No one has a crystal ball to predict the future regarding your job and finances. Family, emotions, and personal reasons all play a part of the decision making process. If you’re renting and considering buying a house, it’s wise to take a step back and evaluate what makes more sense—to rent or to buy.







Builds Equity

Possibility of loss of equity, foreclosure

Free to landscape, garden, change decor

Responsible for maintenance

Not dependent on landlord to maintain property

Responsible for property taxes

Typically more stable, secure

Less mobility than renting

Consistent mortgage payment if fixed interest rate

Possibility of property tax increase





Little or no responsibility for maintenance

No tax benefits

Easier to move/greater flexibility

No control over rent increases


Possibility of eviction


Have to wait for repairs/maintenance



Of course, your income, savings, and monthly expenses play a major role in determining what you can afford. In many cases, the amount of money a renter spends on rent can be around the same as, or less than the amount a homeowner spends on a mortgage in the beginning. Over time, mortgages with fixed interest rates can end up to be less than rent payments, which are subject to annual increases. Monthly expenses also need to be looked at—insurance, utilities, auto payment(s), and debt.



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