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Are you tired of putting money towards rent that you’ll never see again? Or maybe you need to upgrade to a larger home that will better fit your family? If you’re thinking about buying a house, you might be wondering if now is the right time to do so. The decision of renting vs buying a home involves everything from your finances to lifestyle to career plans. Let’s walk through some of the main factors to consider.

Reasons to Buy a Home

For starters, there are many financial benefits of homeownership. In most parts of the country, including Texas, the average monthly mortgage payment is much cheaper than the average monthly rent payment. Even better, monthly payments towards your mortgage help you build valuable equity in your home. This equity, along with potential increases in your property’s value, can make your home a great investment.

Beyond the numbers, there are other perks of renting vs buying a home. For example, owning your home gives you the power to customize it to your tastes. You can do everything from painting the walls your favorite color to upgrading the kitchen countertops. As long as you keep up with your mortgage, homeownership also gives you long term stability in your housing. There’s no risk of a landlord increasing your rent or evicting you for no reason. Lastly, becoming a homeowner gives you an invaluable chance to settle down and put down roots in your community.

Reasons to Rent a Home

There are some cases when renting may be a better option for you. If you don’t plan to stay in the same area, whether that’s due to work, finances, or family circumstances, you might benefit from flexible renting. However, if you do buy a home and later end up needing to relocate, you have options. You can avoid the stress of the traditional home sale process by selling with Orchard. Orchard will give you a market-price offer for your home in just 24 hours. You’ll also be able to choose your closing date based on your schedule.

Another perk of renting is that all your living expenses roll into a single bill (excluding your security deposit and renter’s insurance). Your landlord is responsible for maintenance and repairs, property taxes, HOA fees, etc. While your rent price likely includes these costs, renting can save you the hassle of tracking them yourself. If these expenses increase when you don’t expect it (say if your boiler needs repairs), your landlord will cover it for you. If the cost of maintenance is detracting you from renting vs buying a home, consider looking into Orchard Certified Pre-Owned Homes. These properties are all recently renovated and pass a 150-point quality assessment, so they’re move-in ready for you and your family.

Can You Afford to Buy?

Most current renters cite their lack of down payment savings as the main factor holding them back from homeownership. However, these renters might not know about affordable mortgage options. These programs offer low down payment loans and competitive mortgage interest rates to help home buyers start investing and building equity sooner.

Example: Let’s say you find the perfect house in San Antonio, where the median price of a home is $228,000. If you get a low down payment loan, you can put 3.5% down. Then, your down payment would be $7,980, and your estimated monthly mortgage payment would be $1,150.

Your current monthly rent payment is a good starting point to figure out how much you can afford for a monthly mortgage payment. With that number, you can work backward to see how much you’d need to save up for a down payment.

Need help crunching the numbers? You could try online rent vs buy calculators, but they typically only give you one side of the picture. That’s why it can be helpful to speak with a financial advisor or mortgage lender. They’ll walk you through the pros and cons of renting or buying a house, from private mortgage insurance to closing costs to tax deductions. At Orchard, our Home Advisors, licensed agents, can also connect you with a vetted lender to give you clarity into your house hunting budget.

Buying vs Renting a Home: What’s the Verdict?

There’s no steadfast rule of thumb for whether renting vs buying a home is the right choice for you. That’s why it’s often a good idea to work with a local home buying expert who can walk you through your options for home prices, neighborhoods, etc. Orchard Home Advisors have the knowledge you need to decide if now is the perfect time to achieve the American Dream. Schedule a free consultation today by emailing us at or giving us a call at (844) 819-1373.

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