Should you rent or buy a house?
There are many factors to consider when deciding between renting vs. buying a home. 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 commitment.
Renting a home often provides more upfront flexibility with your finances, however, you will miss out on making a long-term investment. 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.
Here are the biggest pros and cons for renting vs. buying a home.
*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 you should buy or rent a house, an Ameriprise advisor can help you:
- Assess your current financial situation
- Help develop a plan for short- and 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 renting or buying a home and how both options will impact your overall financial situation.
Or, request an appointment online to speak with an advisor.
At Ameriprise, the financial advice we give each of our clients is personalized, based on your goals and no one else's.
If you know someone who could benefit from a conversation, please refer me.
Background and qualification information is available at FINRA's BrokerCheck website.