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Rent vs Own: How to Decide

Whether you are renting or owning your own home, you are likely paying a mortgage. The difference is whether you are paying for your landlord’s mortgage or your own mortgage.

Buying your own home puts you in a better long term financial position, plus it lets you be in the driver’s seat with how you create your nest. Whether you want bold paint colors, or relaxing outdoor living spaces, or a fence for a dog, if you own where you live, you get to make decisions about your personal space without having to get a landlord’s permission.

Top 4 Reasons to Own Instead of Rent

Equity: When you own a home, you build your own wealth, not your landlord’s.

Stability: Your monthly payment is locked in, whereas if you’re renting, your monthly payment is likely to increase.

Tax Benefits: As a homeowner, you’re eligible for deducting things like mortgage interest, which could mean extra savings on your tax bill.

Control: When you own a home, you have the freedom to customize your living space. As a renter, you may have limitations on what you can change or customize.

If you’re asking if you should rent or own a home, the answer ultimately depends on your own personal situation, including your finances, lifestyle and personal goals. 

Find Your Path Forward with a Trusted Guide

For many potential buyers, the path to homeownership is possible! A Strategic Guide can help you navigate the current market with confidence, connecting you with trusted lenders who can offer different financial solutions. Reach out to start a conversation today!

Updated: August 2023

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