Renting or buying your home is a huge decision, and there are benefits and drawbacks to each one. Having your own address definitely comes with a lot of satisfaction but it also comes with a lot of cost and investment. So much so, that more people are renting nowadays than at any point since 1965. Buying a home depends on so many factors: your age, financial health, location, future goals and the current market. Here are some things to consider when thinking about renting vs buying:
It’s important to evaluate your life situation and how much it could change in the near future. For example, if you are divorcing or downsizing, renting can be a way to incubate before you decide on your next large financial purchase. If you are getting married or planning to have a child soon, it may benefit you to look at properties that you won’t outgrow in the near future. Think about if you can afford a home that will fit your lifestyle within the next few years, or if the budget will be too tight to make it work. It may be better to wait and rent for awhile while you save for a home you can grow into.
Many people buy a home and then upgrade soon after and rent it out. However, it’s harder in the short term than people realize. It can be costly to hang onto two homes at once.
The answer to whether or not you should rent or buy is not cut and friend. It may be helpful to talk with a trusted real estate agent to help you think through the decision to rent vs. buy a home.
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