Yesterday, I had the chance to sit down with the fantastic Matt Mosler on the KARK's morning segment, Money Matters. I was able to offer more advice to those caught between renting a home or buying a house. You can watch the interview below and get more information in the rest of the post beneath the video. 

Buying may make sense if you ...

• Have reliable income, good credit and documentation to verify your savings
• Can afford at least a 3.5 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 an adequate cash reserve to withstand a loss of job, long-term illness, or other financial setbacks
• Are planning on staying in your home for at least four years
• If you are a first time homebuyer or a veteran, ask if 100 percent financing is available for you.
• Have a career or lifestyle that requires you to move frequently or suddenly
• Prefer having a set monthly budget and cannot afford unforeseen home-maintenance expenses
• Do not have the time or desire for home maintenance/improvements
• Enjoy having amenities such as a pool, gym, concierge and tennis courts
• Plan on downsizing your living space or retiring in the near future
• Are experiencing a financial setback and/or rebuilding your credit

While renting may makes sense if you ...

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

The advantages of owning or renting are different for everyone, so be sure to consider these important personal situations and long-term goals before making your decision.