To Rent or Buy?
…Because We All Need a Place to Live, Right?
No matter who you are, or the amount of your budget, it is easy to get caught up in the age-old debate regarding whether you should rent or buy your home. If you google the phrase, you will find a lot of information about this online. Ultimately, that decision is left up to the individual and should be backed by facts and their reality.
That reality is dependent on a lot of factors, including what city you live in, do you live in an urban or rural area, how much money do you make, the cost of renting vs buying in the area you live in, how much you can afford towards rent or ownership expenses and still live a decent lifestyle. One has to also consider interest rates, the average cost of a home, and whether you think you will stay in one place for a long period of time.
There is a lot to think about, and hopefully, I didn’t scare you off. Part of the reason I write about money and finance is so that you can make the best decisions for you and your family. Let’s explore the pros and cons of renting vs buying a home so that you can make an informed decision about what is best for you.
Before we begin, it’s important that we are on the same page about what exactly these terms mean. These are the technical definitions of renting and buying:
- Renting: property (such as a…
