Step 1: Decide whether to rent or buy a home

Buying a Home
Introduction

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1. Rent or buy?

Assuming you have enough money to have a choice between renting and buying, there's no simple way to decide which is smarter. The decision is always a combination of your personal and financial priorities.

Before you buy, you may want to consider the added responsibility that can come with owning a home. You should also consider the barriers-to-entry of owning—the down payment, closing costs, mortgage interest, property taxes, insurance and upkeep—against the advantages of homeownership which includes growing equity, potential tax deductions, and the additional space a new home may provide.

Our "Rent vs. Buy" Calculator can help you make an informed decision.


You build equity in the property, which may result in a profit when you sell You can deduct mortgage interest and property taxes on your tax return You may be able to exclude capital gains on the sale of your home	You don't need a large amount of cash for a down payment, and you may be able to invest that money in other ways to make a profit You don't have to find a buyer or worry about closing costs if you want to move You aren't responsible for repairs, maintenance or upkeep

If you need help determining which is better for you, to rent or to buy, an Allpointe Mortgage Advisor will be happy to walk you through the decision. Call us today at 866-255-3535.

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