Misconceptions on Rent vs. Own
Check out some common misconceptions when it comes to the debate between renting and owning a home!
Renting is throwing money away: One of the biggest misconceptions is that renting is wasteful spending while owning is an investment. In reality, both renting and owning have associated costs, and renting provides flexibility without the financial commitment of homeownership.
Owning is always more expensive: While owning a home comes with additional costs like property taxes, maintenance, and insurance, it's not always more expensive than renting, especially considering potential equity buildup and tax benefits.
Renting means no responsibility: Renters might assume they have no responsibilities for maintenance or repairs. However, landlords may only cover certain fixes, and renters are still expected to care for the property within reason
Owning requires a large down payment: While a larger down payment can lower monthly mortgage payments, there are various loan options available that require lower down payments, making homeownership more accessible.
Whether you're a first-time renter, potential homeowner, or anyone in between, The Mortgage Firm is here to pave the way to clarity. Your housing journey starts with understanding!