Should You Rent or Buy a Home?

Rent or buy a home

Deciding whether to rent or buy a home is not one you make lightly. It takes careful consideration and a look at your financial situation, life circumstances, and goals. We’ve got some things to consider when deciding whether to rent or buy your next home.

Buying a Home

Many factors go into the decision to buy a home. It’s most people’s largest and most significant investment they’ll make in their lifetime. Being thoughtful about it is important. Some benefits to buying a house vs. renting include:

  • Sense of stability and security – Owning a home means no one can evict you, end the lease without notice, stop by unannounced, or raise your rent.
  • Sense of community – When you buy a home, you tend to invest in the community. Instead of feeling like a transient resident, you feel like you’re putting down roots and are more willing to build connections.
  • Building equity – When you pay rent, you help your landlord build equity in the property they own. When you own a home, every mortgage payment helps you build equity in that property with an estimated revenue gain.

Renting a Home

Many people choose to rent instead of buy. It feels like less of a commitment, and you don’t have to come up with a down payment or qualify for a loan. Some other benefits include:

  • Freedom to move – When you rent, you can move as frequently as your lease term allows.
  • No repairs required – As a tenant, your landlord usually handles all the repairs for you.
  • Less financial commitment – A rental home doesn’t require a huge down payment, property taxes, maintenance costs, or worry about interest rates.

The decision to rent or buy a home is personal, and only you know what’s best for you and your family. But if you’re craving home ownership and are ready to build equity and stability for your future, now’s the time to talk to a loan professional. Contact Midland Mortgage Corporation to learn about loan programs to help you realize your dream of owning a home.

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