The understanding to buying or renting depends on your current financial conditions, your plans and the lifestyle you want to live. Both options have their own set of benefits, and possible inconvenience, which should be carefully analyzed.

Buying may be an option if you:

• Have reliable income, good credit, and documentation to verify your savings.
• Can afford at least a five percent down payment and related closing costs.
• Want a chance to build equity and be eligible for homeowner tax breaks and credits.
• Are financially able to take on home-maintenance/improvement projects.
• Have a satisfying cash reserve to withstand a loss of job, long-term illness, or other financial setback.
• Are planning on staying in your home for at least four years.

Renting may be an option if you:

• Have a career or lifestyle that requires you to move frequently or suddenly.
• Prefer having a set monthly budget and cannot afford startling home-maintenance expenses.
• Do not have the time or passion for home maintenance /improvements.
• Enjoy having amenities such as a pool, gym, concierge and tennis courts.
• Plan on scaling down your living space or retiring in the near future.
• Are experiencing a financial setback and/or rebuilding your credit.