Roadmap to Homeownership
PROS & CONS of Buying, Renting or Living at Home
| BUYING | RENTING | LIVING AT HOME | ||
| Home maintenance is your responsibility | Maintenance is taken care of by landlord | Build your savings | ||
| Grow equity you can borrow against | Renting may be cheaper | Overcome your debt | ||
| Can be a long-term commitment | Short-term commitment | Strengthen your credit | ||
| Freedom to renovate | Cannot improve property to suit tastes | Spend less on food and living expenses | ||
| Principal & interest payment won’t change in a fixed rate mortgage | Cost of rent may increase | Home maintenance is limited | ||
| Tax incentives | No tax incentives | No privacy | ||
| Typically requires more money up-front | No/minimal initial deposit | Dependency | ||
| No pet restrictions unless otherwise dictated by an HOA | Pet restrictions |
Conflicting family schedules |
Beginning – “Roadmap to Homeownership” Next – “Is buying right for me?”
