published may 5, 2023
Your situation is unique and so are your needs.
There are pros and cons to both renting and buying. It comes down to your personal housing and financial needs.
Our team put together a list of costs and benefits for each:
- Looking for more flexibility to move whenever you like? Renting might be the move for you since you can pack up as soon as your lease ends.
- Does having a landlord who is responsible for repairs and covering expenses sound blissful? Renting is likely the way to go.
- Do you want a steady monthly payment for the term of your lease? Renting may suit your needs best.
- Equity is the difference between what your home is worth and what you owe to the lender. Building equity increases the amount of money you have in your home, that you could use in the future. If this is what you’re looking for, then buying is the fit for you.
- Is your middle name DIY and you want the opportunity work on a fixer upper? Buying is a great option in this case. You can paint the walls any color you want, without anyone’s permission.
- If a landlord being in control of the rental price doesn’t sound best to you, then buying could be the best move.
Whichever option you choose, STCU is here for you each step of the way. If you’re renting, we’re here to keep your hard-earned dollars safe. If buying a home is where you’re headed, we offer a variety of home loans and options to best fit your needs.
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