Renting vs. Buying – Looking at the big picture!

Things to consider when renting or buying your first home.

Renting

  1. You do not build equity. You will be paying monthly payments but you will not have an asset when you are ready to move.
  2. Your monthly payments could increase. If you have not signed a contract with your Landlord or are on a monthly contract, your monthly payments could fluctuate.
  3. You would need your Landlord’s approval for any changes or remodeling you are planning. You will always need permission on any changes you are considering doing to the property.
  4. Moving is easier. When you do decide to move, it will be easier as you can give your notice and move exactly when you want. There is nothing standing in your way of leaving when you are ready.

Buying

  1. You build equity. You will be building equity as you pay down your mortgage as long as your property maintains value.
  2. You can choose a mortgage that works for you. For example; in a fixed-rate mortgage, your principal and interest payments remain the same.
  3. You have the freedom to make it your own home with your own design.
  4. Keeping your home and property in good repair. You have to maintain your property and be willing to invest the time and money to do so.

Some questions to consider when buying your home:

  1. How long do you expect to live there?
  2. What are your future plans?

– Posted by Amanda Brash

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