Home ownership is not for everyone. If you are a renter and considering purchasing a home here is a chart to help you compare the advantages and disadvantages of renting vs buying.
|Own Or Rent||Advantages||Disadvantages|
Mortgage doesn't fluctuate from year to year
Pride in ownership and strong community ties
Equity buildup (savings)
Lack of flexibility
Usually more expensive than renting*
Need money for down payment and closing costs
|Renting||Usuallly lower monthly payment*
No/minimal maintenance and repair costs
|No tax incentives
No building of equity
Landlords who don't keep up property
Apartment neighbors who bring in insect infestations, are noisy or difficult to deal with
Foreclosure and you're not told
*Right now in the Metro Washington DC area renting costs more than purchasing! If you are tired of being a renter but have some challenges to overcome (credit, lack of savings, bankruptcy, etc.) our Rent to Home program is just right for you.