Rent or Buy—What’s Right for You?
Jun 17, 2013
Maybe you already know if you plan to rent or purchase a property, or maybe you’re trying to figure out the best option—either way, the more educated you are, the better move you can make.
Renting may be an option if you:
- Plan to move around and don't want to be tied to one location
- Don't have the funds for a down payment and closing costs
- Can't afford the potential maintenance costs of owning (repairs, lawn care, etc.)
Buying may be an option if you:
- Plan to stay in one location
- Want to build equity over the long-term
- Have funds for a down payment and closing costs
- Want the potential tax advantages (check with a tax advisor for details)
- Can afford the maintenance costs of owning (repairs, lawn care, etc.)
Visit our Decide What’s Right section to find comparisons between the short and long-term costs of renting and buying, and other information to consider in weighing these housing choices.