Is it better to buy or rent a home?
Despite what you may hear, there’s no single right answer. But, don’t panic—we’re here to help! Start by asking yourself these questions:
How long do you plan to stay in the home? You’ll get the most financial benefit if you remain in place for at least 5 years.
Is it a better value to rent or buy in your area? Look up the price-to-rent ratio, and consider the long-term financial impacts.
Can you afford to own a home right now? Be sure to consider the costs of maintenance and repairs.
Can you qualify for a mortgage? Talk to a lender to determine whether your finances are in order.
How would owning a home change your lifestyle? Do you relish the thought of painting the walls or starting a garden, or do you prefer to have someone else handle upkeep?
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