Renting v.s. Buying
Storyboard Text
- As the loan officer I'll finalize the mortgage approval.
- I'm satisfied with the home's condition so I'm ready to close. Once I pay my down payment and other costs, I'll sign a contract and officially be the owner
- Now that my husband and I are owners of this home we are in charge of all the repairs and maintenance. We also pay utilities and other services ourselves. We're able to make any upgrades or renovations as long as they are compliant with the home owners association.
- How are you doing? Last time we met you were looking for an apartment.
- I love being a home owner. I have a great sense of ownership, know I'm saving money in the long run, and have been able to renovate my basement. It was pretty expensive upfront, especially with the down payment, and we must take care of all maintenance issues ourselves or hire a professional. But overall, we're very happy with our choice.
- I'm well! I am currently renting an apartment in the city. I like it because the upfront cost wasn't too bad and the landlord takes care of the repairs. However, I know it will be more costly in the long run and I can't make any major changes to my living space. What about you?
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