Rent or Buy? Pros and Cons
This is a question that comes up regularly with potential buyers. Whether you’re a first-time home buyer or new to the area, it is always a question you must ask yourself! Either option has its perks.
There are several items to consider before making a decision
- Is there a particular area where you’d like to live?
- Do you have enough money saved for a down payment?
- How long do you plan to live there?
- Do you want freedom in changing your living space?
- Are you wanting to build investment equity over time?
With renting comes the benefit of flexibility. Meaning that if a buyer decides after their lease is up, they don’t like the area, they can easily just move! They don’t have to worry about selling their home in order to move. Also, if there are plans to relocate because of family or work in a couple of years (2-5 years), a buyer may consider renting instead of buying for the flexibility as well.
Down payment can be a concern to some that aren’t aware of the available programs in the area. There are several Down Payment Assistance programs in the area that allow buyers to satisfy the loan program’s “down payment requirement” by putting down as much as one would pay for an apartment’s security deposit. It’s always best to discuss these programs with a loan professional, as there are certain requirements buyers must meet.
There are several benefits of buying over renting. The growing amount of equity is important for a buyer to remember. Each time a monthly payment is made, they are one step closer to no longer having to make a mortgage payment or housing payment. There are also several tax deductions that buyers may qualify for by having a mortgage. We always recommend talking with a tax professional about this.
If you’ve been thinking about buying a home, we have some good news for you. The 2020 Down Payment Plus grant is now available and our lenders have the scoop. This grant helps qualified buyers cover their down payment or closing costs, meaning this might be the perfect time for you to purchase a home!
To find out if you’re eligible for Down Payment Plus, contact a Marine Bank Lender today at 217-726-0267 or visit https://www.ibankmarine.com/M…/marine-bank-mortgage-lenders/.