Rent or Buy
Want to rent to own a home? See our Rent to Own and Lease Option programs Here
If you can qualify to rent an apartment, in all likelihood you can qualify to own a home. The best reason to chose renting over buying is how long you plan to stay in an area. If you are going to relocate in less than a years time, renting may be the way to go for you. But if you are going to stay in an area for as little as a few years, buying is very likely the best financial decision for you.
Historically, there are a few different arguments that people have used to explain why they rent. See the below table
| Rental (so-called) “Advantages”: | Home Buying Answer: |
| Few maintenance duties | Many communities now offer home owners associations that, for a nominal fee, will take care of landscaping. Condo or town home communities almost exclusively take care of landscaping and community pool/spa. |
| Can move at any time | While it may take a month or two to sell a home, even with a apartment you still must give 30 days notice. And with a home, you will build up equity. Your home in most cases will be worth more when you move, than when you bought it. That money is yours |
| When I rent an apartment, I don’t have to pay property taxes. | Yes, but, in most cases your mortgage interest will be tax deductible. That can save you lots of money at tax time. |
| “XYZ” apartment complex is offering me a special, a month’s free rent! | Many companies will offer you incentives to sign a one year lease, but you have no control over how much they will raise your rent on your next years lease. Your house payment will be the same for the life of your loan. I imagine owning a home for what you paid in rent five or even ten years ago! |
| I honestly don’t think I can qualify right now. | We hear that all the time. Most of the time, if you can qualify to rent, you can qualify to buy. There are programs that can qualify one day out of bankruptcy or with a foreclosure. Often, we can tell you within minutes on the phone if we can help you with no obligation for free. |
More benefits to buying:
* You are free to change your decor or landscaping. Paint your walls purple if you like, it’s your home.*
* While not as easy to measure, many people say it gives them a sense of community or security to own a home. Whatever you call it, many homeowners say "they have pride of ownership".
