Rent v Own

As a prospective home buyer, you may find yourself caught in the rent versus own dilemma. Perhaps you're not quite sure if it's time to take the leap into homeownership. You might be asking yourself, "Is renting really that bad?" The truth is, there are pros and cons to both renting and owning, but when it comes to building wealth, owning a home is a smart choice.

Why pay your landlord's mortgage when you can pay your own? As a renter, you're essentially helping your landlord build equity in their property. Every time you pay rent, the money goes towards their mortgage payment, while you see no return on your investment. On the other hand, when you own a home, every mortgage payment you make goes towards building equity in your property. Over time, as you pay down your mortgage and home values appreciate, you're building wealth and growing your net worth.

One of the biggest benefits of homeownership is the potential for long-term financial gain. Unlike renting, where your monthly payment is simply going towards someone else's investment, owning a home allows you to build equity.