Should you rent or buy a home?
There are a lot of factors to consider before deciding whether you should buy a home or rent. Both options come with their fair share of financial implications so it’s important to understand the advantages and disadvantages of each prior to making a committment.
Renting a home often provides more upfront flexibility with your finances, however, you will miss out on the long-term investment aspect. Buying a home allows you to build equity and reap tax benefits, but owning also comes with more financial responsibility and a greater upfront investment.
Review the following to learn more about the biggest pros and cons for renting vs. buying.
*Only required if down payment is less than 20% or until homeowner has more than 20% of equity in their home.
Rent vs. Buy calculator
Our Rent vs. Buy calculator can help you weed through the fees, taxes and monthly payments to help you make a decision between these two options.
How can an Ameriprise advisor help?
If you are considering a move and whether to buy or rent, an Ameriprise advisor can help you:
- Assess your current financial situation
- Help develop a plan for short- & long-term goals
- Provide support throughout the renting or home-buying process
Discuss renting vs. homeownership with a financial advisor
An Ameriprise advisor can help you navigate each option to determine how renting and home ownership will impact your overall financial situation.
Or, request an appointment online to speak with an advisor.
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Ameriprise Financial, Inc. and its affiliates do not offer tax or legal advice. Consumers should consult with their tax advisor or attorney regarding their specific situation.
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