When you rent vs buy
Determining whether to buy or rent your home involves a complex decision-making process. Some of the following questions can help you make an informed decision.
- How long do you plan to stay in an area?
- How much flexibility do you enjoy?
- Are you prepared for the responsibility of home-ownership?
Perhaps the most important factor to consider is how long you plan to stay in your home. If you only be in town for a year or plan on packing up and leaving in a short time, then you don’t want to spend the time and money necessary to buy a house with a down-payment, closing cost, loan charges, and all the process of buying a home.
On the other hand, if you plan on staying put for many years, renting could be more expensive than buying over that time frame. In the long run, there are significant advantages to home-ownership. You’ll own property, which you can later sell, rent out or pass on to family members down the line. Another possible advantage is mortgage interest deduction along with a few other benefits of owning a home.
Bottom Line
In the end, the rent vs. buy decision comes down to your preferences, plans, and personal finances. If you know exactly how long you want to stay in your home and where you want to live, and you have some money saved up, the decision could be as easy as calculating which type of house will be best suited for you. If your future is less clear, however, you may have more to consider.
Let our Home Buyers expert help you with what would be the best option for your situation. They will explain and make you understand whether buying a house is better than renting or not for you.