Buying a home is a big deal, so you may be wondering…“Should I rent or buy?”

Ultimately, you need to make the decision based on what’s best for you and your situation — not any outside pressure you feel to do one or the other.

Here’s what to consider when weighing your decision:

Renting

Unlike homeownership, renting allows you to feel less tied down, whether it’s location or simply having to mow the lawn every week.

Consider the benefits of renting to determine if it’s right for you.

More Flexibility

There’s less commitment when you rent, plus the ability to relocate easier since you won’t need to worry about selling your home.

No Property Taxes

Homeowners must pay property taxes, but that’s not the case when you’re a renter.

Less Maintenance

Most landlords handle maintenance work and costs, meaning you won’t have to pay a repair guy when your furnace goes out or your toilet breaks.

No Snow Removal or Lawncare

If you find a landlord that takes care of snow removal and mowing the lawn, then you can feel good knowing you get that free time back.

Buying

Homeownership also offers a lot of freedom, although it’s different than the freedom that comes with renting.

If you want to live in a space that’s all your own, buying might be the way to go. Consider these benefits:

Building Equity

When you buy a home, your monthly mortgage payments go toward something you own.

Tax Savings

You may deduct mortgage interest payments and property taxes from your federal income taxes. (This may not apply to you or your situation; please contact a tax professional.)

Customization

You can make your house a home by painting, decorating, and remodeling. Go ahead and knock down that wall.

More Privacy

Whether it’s from noisy neighbors in an apartment building or even your landlord, you can ensure a more private lifestyle in a home that’s all your own.

Should I rent or buy?

If you’re still weighing the pros and cons of renting vs. buying, try exploring the decision further with our Rent or Buy? calculator.

No matter what you decide, we’ll be here for you every step of the way. Connect with a member of our Mortgage team when you’re ready to start a conversation!