Should I Rent? Or Buy a Home?

Food For Thought…

When it comes to living on rent versus living in one’s own home, people who advocate the former often argue that a rental home costs less, as compared to owning a home. Those in favor of owning a house, cite the freedom that it offers.

For a long time, conventional wisdom seemed to be that you grow up and buy a home. Period! Owning a home was a measure of financial success. Most of us were probably raised thinking it’s better to own than to rent. Why would you throw your money away each month, paying off someone else’s house, instead of owning a home yourself?

Buying a house was part of the life plan we were taught to follow. Go to school, get a job, buy a house, get married, have kids, retire.

However, in the recent past, there has been a growing debate that renting is a better financial investment than buying. Search ‘Renting vs Owning’ online. You’ll find article after article that talks about how renting is better than buying.

The truth is that it isn’t as cut and dry as we were once told, or the way many of the articles on the web would lead us to believe. The profitability of renting versus owning is determined by the local market and a few personal factors. Arguably it can be established that A home is not always ‘a good investment’ and so is Renting not always ‘throwing money away’.

So, what’s the catch? Is it worth tossing down your savings on a house? Or is it wiser to keep renting for a period of time-or say indefinitely? The short truth is; if you are able to afford a down payment on a property that is likely to appreciate and you plan to hang onto the property for at least 5-10 years, then you should go for it

Are you searching for a property to rent or buy? Look no further. got you.

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