Owning vs Renting
When you're ready to buy a new home, you may be wondering whether the costs will be worth it. We get this question all the time from our customers, that are often not confident in the value of their purchase.
Let's make this point clear. While a house payment may seem like a lot, this payment is at least going towards equity in your home. This is not the case with renting. Over the long term, although a house payment may seem like more initially, renting will ultimately gain you zero equity and nothing to show for the years you've been faithfully paying.
The difference is that while renting, you are not building any kind of equity. Yes, it may be cheaper than a house payment, however, you will never be able to get that value out of the transaction, like you would when you sell your house. Eventually you will pay your house off, after which all you have to pay for is utlities!
Still not sure whether buying is right for you? Try out this Rent vs Own Calculator to see how much you can save in the long run.
