Reasons to Rent
This is the Place?
If you’re not certain what kind of neighborhood you’d like to live in, renting may be the way to go. If you don’t like the location of your apartment, you can leave once the lease is up.
Reasons to Own
Can I Get a (Tax) Break?
Mortgage interest and property taxes can be deducted from your taxes when you own a home. Renting doesn’t provide you the same tax break.
For Freedom!
Want a giant picture of Ponce de Leon nailed up? Your wonderful wall of explorers with funny names can be all yours with your own home—with no worries of losing your security deposit.
When you own a home, you also set your own pet policy -- so you don't have to pay extra just because you're a dog or cat person.
Owning your home gives you a lot more freedom to make your place your place. When renting, there’s only so much you can do without breaking the terms of your lease. When you own a home, you can make whatever home improvements you want.
When You Buy a Home, You Invest in Yourself
For nearly everyone, your home is your biggest financial asset. Your financial assets include all of your money, valuables and debt: the money in your bank accounts, the property you own (like a home, or super rare Pokemon trading card collectibles), things you owe (like student loans or credit card debt), anything that you've saved for retirement, etc.
When you own a home, you can use the value of your home to spend on important expenses with a home equity loan or home equity line of credit.
What Else To Consider
Costs
In some cases, owning a home can cost you less than renting. There are several things that can make it cheaper to own than rent, or vice versa, depending on your situation.
This includes:
- Living costs where you live
- Maintenance costs
Rent vs Buy Summary
Reasons to Rent:
- Move where you want, when you want
- Some maintenance costs may be covered by the apartment complex
Reasons to Own a Home:
- Save money with eligible tax credits
- Freedom to make your living space your space without repercussions from lease violations
- Don't pay pet policy fees
- Your monthly mortgage payment could be less than what you pay in rent
- Build for the future with the equity from your home
We also don't charge Private Mortgage Insurance, so you could save hundreds every month.