Information to Help You Make Your Decision
Both renting and buying have multiple pros and cons and there’s no definite answer on what the best option is as it depends on the individual’s situation. Before making any major decision, it’s important to consider your options.
Should I Buy or Continue to Rent?
The choice to rent or buy a property should not be taken lightly. Numerous factors should be considered before making your decision on whether to become a homeowner (like nearly two-thirds of adults) or a renter. Five factors to consider.
Your short and long-term plans: Plan to move in a year or so? Renting might be your better options. Ready to live in the same property for 3+ years? Owning could be right for you.
Your interest in maintaining a home: Don’t want to deal with home maintenance? Renters can simply call their landlord when something goes wrong. Want control over your property…and ready to oversee repairs? Homeownership will give you those options.
Your finances: Buying a home requires financial responsibility to repay your loan and keep up with taxes, insurance and HOA/condo fees. Renters typically need just a security deposit.
Your local market: In some markets, it may be less expensive to buy and in others, the opposite is true. Once you know how much you want to pay monthly, ask your agent to help you compare what’s available in your preferred location.
Your long-term wealth-building strategy: The median net worth of homeowners is 44 times that of renters.* On the other hand, financially savvy renters may be able to amass wealth through other savings and investment options.
Post Decision: If you’re considering to buy, we can help you find a home to love and connect you with one of our partners at Prosperity Home Mortgage, LLC, to walk you through financing options.
*Source: 2018 Federal Reserve Survey of Consumer Finances
The Financial Difference
If you’re considering the purchase of your first home but not sure if now is the time, perhaps the financial difference between buying and renting influences your decision. In general, the more you pay in rent and the more down payment you can make, the more favorable purchasing a home can be. Simply enter your own inputs in our calculator for your results.
More Perspective on Buy vs Rent
Since we help many people find rentals and help renters buy their first home, we often publish multiple articles, each from a slightly different perspective. See our two recent blog articles:
First-Time Home Buyer Resources
For over fifty years, Long & Foster has helped renters become first-time home buyers. We’ve assembled resources to help you consider and plan for homeownership.
We're Here to Help
Helping you find your place to call home is not our only mission; it's our promise to you. We'll be there to guide and encourage you every step along the way. How can we help you?