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Should you buy or rent a home?

Consider lifestyle, affordability, and short- and long-term goals and finances

Are you trying to decide between buying and renting a home?

Homeownership is a big personal and financial commitment, so consider these factors before you choose.

Do you want to put down roots or do you need flexibility?

Buying

Renting

  • Offers stability compared to short-term leases
  • Generally means a multiyear commitment
  • Offers flexibility to relocate quickly for jobs, family, or other reasons
  • Generally means a 1- or 2-year commitment, but sometimes can be month-to-month

What is your financial situation now?

Buying

Renting

  • Usually requires an upfront financial commitment for down payment and closing costs
  • Will require additional funds for hazard insurance and property taxes
  • Generally requires an upfront financial commitment for a security deposit and rent payment
  • Renter’s insurance is optional and not required

What does your financial situation look like in the future?

Buying

Renting

  • Requires mortgage, hazard insurance, and property taxes to be paid for the life of the loan
  • Is an asset that builds equity over time
  • Rental payments are required for the term of the rental agreement
  • Paying less to rent may free up money to invest elsewhere

Can you afford improvements, maintenance costs, and taxes?

Buying

Renting

  • Typically limits  improvements or personal choices to what the landlord allows
  • Requires no maintenance or tax payments because landlord pays them

Buying or renting a home: Which is right for you?

Buying a home is a significant personal and financial decision that can affect many other parts of your life. Talk to a Wells Fargo home mortgage consultant and use our renting versus buying calculator to help you decide what’s right for you.

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