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Pros and Cons of Renting
✅ Pros:
- Lower Upfront Costs – No large down payment, just a security deposit and rent.
- Flexibility – Easier to move without the commitment of homeownership.
- Less Responsibility – Landlords handle maintenance and repairs.
- Access to Amenities – Many rentals include perks like pools, gyms, and security.
- No Market Risk – You’re not affected by property value fluctuations.
❌ Cons:
- No Equity Building – Rent payments don’t contribute to ownership or wealth.
- Rent Increases – Monthly costs can rise over time, often beyond your control.
- Limited Personalization – Restrictions on renovations, painting, or upgrades.
- Less Stability – Leases end, and landlords may decide to sell or not renew.
- No Tax Benefits – Unlike homeowners, renters don’t get mortgage interest deductions.
Common Home Buying Myths – Debunked!
🚫 "I need a 20% down payment."
✅ Truth: Many loan programs require as little as 0-5% down, and Down Payment Assistance or Grants may be available to help qualified buyers.
🚫 "My credit isn’t perfect, so I can’t buy a home."
✅ Truth: While good credit helps, many loan options exist for buyers with less-than-perfect credit. Lenders consider factors like income, debt, and payment history.
🚫 "I have too much debt to qualify."
✅ Truth: Lenders evaluate debt-to-income (DTI) ratio, not just total debt. Student loans, car payments, and credit cards don’t automatically disqualify you.
🚫 "Renting is always cheaper than buying."
✅ Truth: In many cases, a mortgage payment is similar to or lower than rent—plus, you’re building equity instead of paying your landlord’s mortgage.
🚫 "I should wait for the market to crash."
✅ Truth: Timing the market is risky. Home prices and interest rates fluctuate, but owning real estate builds long-term wealth regardless of short-term shifts
Ready to discuss renting vs. buying?
Christopher Porter
Real Estate Broker
ABR,AHWD,ePRO,NAR,PSA
CENTURY 21 Scheetz
