Renting vs Buying

Renting vs Owning

Buying your first home will be one of the biggest financial decisions of your life, but there are a ton of great long term benefits to owning a home rather than renting.
So how do you know when it’s time to buy?

You Should Rent

E

I plan to live in the area for less than 2 years.

E

I plan to stay
flexible.

E

I need to build my credit / repair credit history.

E

I’m saving money for a down payment.

You Should Buy

E

I plan to live in the area for more than 2 years.

E

I want to have freedom to customize my home.

E

I’m looking to save money with tax deductions.

E

I want to build
equity.

WHY IT PAYS TO BUY

To buy or to rent, that is the question. If it’s not in the cards for you right now, here are some reasons to start working towards homeownership.

The chart shows a cost comparison for a renter and a homeowner over a 7 year period. The renter starts out paying $800 per month with annual increases of 5% The homeowner purchases a home for $110,000 and pays a monthly mortgage of $1,000. After 6 years, the homeowner’s payment is lower than the renter’s monthly payment. With the tax savings of home-ownership, the homeowner’s payment is less than the rental payment after 3 years.

Source: Ginnie Mae

WHY IT PAYS TO BUY

To buy or to rent, that is the question. If it’s not in the cards for you right now, here are some reasons to start working towards homeownership.

AVG. INCREASE 3.5% PER YEAR
SOURCE: NATIONAL ASSOCIATION OF
REALTORS®

$140,777 PAID IN RENT OVER TEN YEARS

With renting, that is $140,777 down the drain that you will never see again. Homeownership not only has tax advantages but as you pay down your mortgage loan and as home prices rise, your equity increases.

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Ready to Buy?

Contact Us Now

(503) 584 1200

shaunte.cruse@exprealty.com

Oregon Realtor | 201228909