QUIZ: Should you rent or buy? Deciding what’s right for you.
Deciding whether to rent or buy can be a tough choice, and there’s no one-size-fits-all answer. It ultimately comes down to what makes sense for your lifestyle and goals. Take this short quiz to help you weigh the options and determine which path is right for you.
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A
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B
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Save for a down payment and know your monthly mortgage payments will help you build wealth
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OR
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Have fewer up-front costs and put your savings into other investment vehicles to gain wealth
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Have the freedom to customize and renovate your living space to suit your style and tastes
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OR
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Call the landlord when something breaks (and you never have to do yard work)
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Take advantage of homeownership-related tax benefits
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OR
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Have access to amenitites like a gym or pool
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Stay put for several years and lay down
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OR
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Have the flexibility to move around
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Have a fixed, stable monthly payment for many years*
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OR
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Just pay rent and not have to worry about extra costs like property taxes and maintenance
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Tally up your answers. If you answered mostly A’s, homeownership might be the right option for you. If you answered mostly B’s, renting may better suit your lifestyle for the time being.
If you want to buy a home, the most important question to ask is if you can afford it. We can help you determine what you can afford! Your Mortgage Specialist will go over your finances and discuss whether you’re financially ready to take the leap into homeownership and if you're eligible for down payment assistance. Call us at 1-888-254-9500 and ask to speak with a Mortgage Specialist.
If you don’t feel ready right now but want to learn more about the home buying process, we have resources and articles to help you within our Home Finance Resource Center - view them today!
*With a fixed-rate mortgage, the monthly principal and interest payments are fixed. Changes to your taxes and insurance costs may cause your monthly mortgage payment to increase or decrease each year.
This article was repurposed with permission from Ellie Mae, Inc. - Encompass© in the October Mortgage Newsletter Issue 2024.