To Rent or Buy?
Many factors enter into a ‘rent versus buy’ decision. Beyond the economic consideration are issues related to a particular market, future relocation possibilities, personal desires of home ownership and more.
As you embark on your relocation to a new city, you will have the opportunity to weigh both living options. Your broker can offer assistance as you seek additional information. The broker can put you in touch with a loan officer to determine your mortgage qualification range. This will assist you in making an informed decision about renting or buying.
When you compare the costs of renting versus owning your own home, the biggest differences involve tax considerations. Both mortgage interest and property taxes are currently deductible in all 50 states. Use the following worksheet to compare the costs of owning a prospective home in your price range to the cost of renting a particular property.
Please note this is just a framework of what to compare; you should talk through the math in greater detail with a mortgage lender. Because tax laws and rates change periodically, you need to check on your current tax situation when making such comparisons.
Also, check out out our rent vs buy financial calculator to compare the costs of renting versus owning your own home.
Please email if you have any questions or feel free to call (866) 941-3936