You may have asked yourself this question before or you might be asking yourself right now. The answer to this question all depends on your current situation in life, finances, where you live and your future plans.

Let's start with your current situation. Are you single? Are you married and expecting children? A home may be the right choice if you are expecting children and need more living space or yard space. Maybe you are single but are looking to build some equity in your home and not just write a check to your landlord every month.

Another question to ask yourself is do you have the cash on hand needed for a down payment to purchase? Depending on your financial situation, you can expect to put down a minimum of three to five percent of the purchase price. There are 100% financing plans like a VA loan, if you are a veteran, and USDA, if you are purchasing a home in a qualified rural area. Contacting a local mortgage lender is a great first step. The lender can qualify you for a loan and walk you through the process. They will look at your income, the amount of debt you have, your credit score, etc. to determine what you qualify for.

Where you live and the current real estate market there is an important factor in your decision to lease or purchase. What does the current market look like? Are home prices up or down? What about lease rates? In Coweta County right now, both home prices and rental prices are up. Despite a decrease in the number of buyers and contracts, home prices have stayed up. Rental prices are up as well. You can expect to pay around $1,300 a month for a 1BR, 1BA apartment and around $1,600 a month for a 2 BR, 2BA apartment in Newnan. For comparison, a monthly mortgage payment on a $300,000 purchase with 10% down at 7.25% would be $1,841.88. Taxes and insurance can vary but this will give you a general idea of what to expect as far as monthly payments.

Perhaps the most important factor in your decision are your own future plans. Do you plan to stay where you currently live for the next several years? A good rule of thumb to consider when comparing renting vs buying, is that it takes at least a few years to allow purchasing a home to be the better option, financially, than renting and to build equity in your home. The longer you stay in your home, the more the value of the property will increase and the more your home will be worth in the future versus what you paid for it. Also, you will not be taxed for capital gains when you sell the property if your home has been your primary residence two of the last five years. This is a big plus for purchasing a home.