Owning vs. Renting: What You Need to Know

The choice to buy a home is one of the largest decisions most people will make in their lives. Most people rent for at least part of their lives before deciding to buy, and still others rent their whole lives. Because buying a home – and all that comes with it – is such an important decision, it’s important to feel as informed as possible. In this week’s blog from Lucey Mortgage Corporation, we’ll discuss the pros and cons of owning vs. renting and try to shed some light on some aspects you may not have considered yet. Neither renting or owning is fundamentally good or bad – what’s important is what works for your lifestyle. If you’d like to speak more with a mortgage professional in Mount Pleasant, SC, our team is happy to help. Contact us with any questions or to schedule a complimentary consultation and get a free quote.

The Financial Commitment

When it comes down to it, may people are apprehensive about purchasing a home because of the long-term financial commitment. Many of our clients are surprised to find that they can secure a mortgage for the same or even less than they are currently paying in monthly rent. Buying a home is an investment that can have great returns eventually. Once you pay off your home, it’s yours. Over time, it’s likely that your home will increase in value, meaning you can turn a profit when you sell it eventually.

One important thing to consider regarding monthly costs of owning a home is that you will likely also have to pay home ownership costs in addition to your monthly mortgage. Homeowners insurance, sales tax, and costs of regular repairs and maintenance are important to consider, as well. When you rent a place, your landlord typically takes care of the cost of certain repairs. As a homeowner, you’ll be responsible for having someone come to make any repairs or updates to your home and paying for the cost.

Finding the Right Mortgage

If you would like to buy a home, but are concerned about finding a good deal, a mortgage professional can help you look through a wide array of options.

Even if you have less than great credit or other financial hurdles to overcome, you may still be able to secure a great mortgage rate. There are many types of mortgages, including conventional and nonconventional options (like FHA and VA loans). Nonconventional loans are specifically designed to help people with bad credit find financing. If raising the cash for a down payment is part of your hesitation about purchasing a home, there are many options with little to no down payment required! Options exist with fixed and variable rates, too, to suit borrowers with all types of long-term goals.

Help is Here for You

We’ve been in the mortgage business for more than 26 years. When it comes to home financing, we can find solutions for clients in all types of situations. While making the leap from renting to buying is intimidating for most, a mortgage professional can help guide you through the process. The Lucey Mortgage Corporation team works with clients in Mount Pleasant and nearby South Carolina. When you’re ready to learn more about owning vs. renting, schedule some time with us and get a free quote.