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Flat Branch Home LoansRenting vs Buying

Our team of loan officers at Flat Branch Home Loans want you to understand the differences between renting and owning your home. We’ve done the math and weighed the benefits. We hope to help solidify the decision that most potential homebuyers face at some point or another.

It’s important to consider the length of time you plan to live in your home. If this length of time is fairly short for you, it’s probably more beneficial to rent. If you plan to spend years in the same area, ownership proves to be the better decision. Here’s why:

  • You can build equity through owning your home over the years.
  • If you choose a fixed-rate mortgage, you will never see an increase in your loan and interest payments. With renting, there’s a chance for fluctuation on your payments.
  • Renting is not tax deductible, but as a homeowner, you might be eligible for tax deductions on mortgage payments and closing costs.
  • Over the course of a few years, you will have saved thousands of dollars by owning instead of renting for the same amount of years.

These are just some of the reasons why buying might be better for you than renting. Make sure to reach out to your local Flat Branch loan officer to help you decide which would be best for you!