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| Home Rent or Buy Analysis |
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| Recommendation |
Based on your answers, Both buying and renting can have advantages for you. However, we think that buying is probably the right choice for you. The factors we considered in formulating this recommendation are explained below:
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Your length of stay:In general, the longer you plan to stay in your new home, the more it makes sense to buy. If you plan to stay at least a year, but probably not more than five years. This points somewhat in favor of buying.
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The location of your home:If property values are rising in the location of your new home, it generally makes more sense to buy. Usually property values are rising, this points in favor of buying.
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Tax implications:You can deduct the interest you pay on your mortgage from your taxable income. In the early years of a mortgage, mortgage interest payments are large, so this tax deduction can save you a lot of money in taxes.
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Your monthly budget:Generally speaking, owning a home imposes larger monthly costs than renting because you need to pay the costs of maintenance, improvements and property taxes, as well as your mortgage. Have some flexibility in your monthly budget? This points in favor of buying.
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Your ability to afford:Over the medium and long term, there are usually significant financial benefits to owning your home, rather then renting it. However, as a homeowner, you will have a steady stream of fairly significant financial obligations that most renters do not have. So, if you are currently strapped for cash each month, then this would not be a good time to buy, even if some lenders are willing to give you a mortgage.
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Your attitude toward maintenance:Owning a home requires a lot more effort on maintenance than renting does. Are you willing to put in the extra effort required to maintain a home that you own? So this points in favor of your buying.
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| Your lifestyle preference: Owning a home will require that you make a commitment to staying in one place for a while. If you indicated that you are willing to "settle down" in one place for a while, this points in favor of your buying. |
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Note: * marked fields are mandatory.
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Initial Assumption |
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 How to Buy Home  How to Sell Home |
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