Renting provides the advantage of being generally free of most maintenance responsibilities. In some cases, the rental unit is furnished, so you don't have to spend money on furniture or major appliances. However, when you rent you usually don't build equity, lose out on possible tax advantages, and can experience rent increases. Also, you may need permission to decorate and may be at the mercy of the landlord.
Buying a home has various benefits. When you make a mortgage payment that includes principal, you build equity—which is an investment. Owning a home can qualify you for tax breaks that may lower your out-of-pocket costs. There can also be a feeling of pride and accomplishment in owning a home.
Ready to start your online mortgage application?
Return to Mortgage Questions
