The buying vs. renting debate has been going on for some time, and the truth is — there are pros and cons to both sides. What's most important is that you make your decision based on your short- and long-term goals, as well as what's right for your finances.
The below chart compares the positives and negatives of both buying and renting to help you make the most informed decision.
*Depending on loan program. Down payment implies an opportunity cost, or the potential financial benefits you could have achieved through an alternative investment path
Evaluate Your Situation
Once you've weighed out all the pros and cons, you should also do a cost-analysis to see whether buying or renting is more affordable for you. Since this is impacted by several factors, including mortgage rates, the price of the home vs. rent prices, and how long you plan to live there, consider using a buy vs. rent calculator to help you sort through all the details.
By doing your homework and evaluating your options, you can make the best decision based on your situation.
This company and its loan officers are not tax experts or financial advisors. You should consult a tax professional and/or a financial advisor regarding the deductibility of interest and charges and to devise a strategy that works best for your situation.