Should You Rent or Buy? Understanding Your Options

What is often considered a benefit of renting a home?

• Building equity over time

• The ability to refinance the mortgage

• The landlord is responsible for maintenance and repairs

• Paying property taxes

What is a major concern among renters?

• The down payment required to buy a home

• Closing costs on a new home

• The cost of homeowners insurance

• The increasing costs of rent

What does owning a home allow you to do?

• Pay rent to a landlord

• Easily move to another location

• Avoid paying a monthly mortgage

• Make changes and improvements to the property

What can cause the cost of renting to increase?

• Decrease in property value

• Inflation

• A surplus of available homes

• Lower interest rates

What is a potential downside of owning a home?

• Lack of responsibility for maintenance

• Risk of losing investment if unable to make payments

• Rent increases annually

• Flexibility to move easily

What is a key difference between renting and owning in terms of monthly payments?

• Homeowners pay rent to a landlord

• Renters can deduct their payments on their taxes

• Renters pay a mortgage

• Homeowners make a mortgage payment that typically does not change over 30 years

What can homeowners do if interest rates go down?

• Refinance their original loan to lower their house payment

• Request a decrease in homeowners insurance

• Pay higher property taxes

• Increase the rent they charge tenants

What is not a direct cost to renters?

• Property taxes

• Monthly rent payments

• Homeowners insurance

• Maintenance and repairs

What is a benefit of homeownership in terms of property value?

• The flexibility to move easily

• Avoiding maintenance costs

• Paying rent to a landlord

• The ability to earn equity as the home appreciates in value

What should potential homeowners consider about their future plans?

• How long they plan to stay in their current job

• Whether they prefer to rent in a different location

• How long they plan to stay in their newly acquired residence

• If they are ready to take on a roommate