When is Renting a better decision than Buying?

In general, buying a home is a good investment if you are looking to build equity and stay in a certain location for significant amount of time. ( Typically 2 years or more) The first step in deciding to purchase a home instead of renting to compare the total costs of each and whether you can even afford to buy a home. Keep in mind the differences in buying vs renting, as there are many. As a renter, you lack control over the cost and quality of maintenance, your lease term, and price fluctuations within your lease. Purchasing a house with a fixed mortgage can offer you predictable monthly payments; however, homeowner fees and property maintenance become your responsibility. Our mortgage experts at RMS can help you weigh out the benefits in more detail. Feel free to give us a call today for a complete analysis of your financial situation.
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