Trying to decide between buying or renting? There are several benefits to consider for each. Perhaps the most important decision to make is which one would be best for you financially. Everyone’s situation is different, so consider the following information when making your choice.

Buying: The Benefits

One major benefit to buying a home is avoiding the rising cost of rent. In recent years, demand has caused rental costs to substantially increase. In addition, several other benefits of buying include the ability to remodel your home, stability, tax deductions, and equity building, amongst others.

Renting: The Benefits

When renting, the property owner typically bears responsibility for maintenance and repairs – and these could be costly. As an owner/buyer, you will pay for repairs and also need to plan for costs relating to a down payment, mortgage, and closing costs that include title fees, insurance, and inspections. Though the cost of renting typically goes up every year, it can be less expensive and preserves your ease of relocating.

Tools to Help

Realtor.com offers this calculating tool to compare the cost of renting vs. buying over time. Additionally, you can also visit MortgageCalculator.org to help determine if buying or renting is right for you. Feel free to contact me today for a consultation. I will be happy to answer any questions you may have, and/or help you find your dream home.

Allyson Hoffman, ABR, ACRE, CDPE, CRS, e-PRO, GRI, SFR, SRES
RE/MAX Villager
Serving Chicago's North Shore, North and Northwest Suburbs
847-310-5300
[email protected]

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Allyson Hoffman is your ultimate real estate resource for Chicago's North Shore, North and Northwest Suburbs and surrounding areas. Visit my website for detailed information regarding today’s real estate markets.

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