A lot of people wonder if they are better off purchasing a home or renting a home. The thing is, though, that there is no definitive guidebook to tell you one or the other is a better idea. The general consensus among financial planners and bankers is that it all depends on where you are in life. If you have the money, buying may be the best option. However, even if you have the money, do you really want to be pouring it all into a home – not only the down payment but also all the maintenance and remodeling. So, are you better off buying or renting a home?
In most cases, you have to look at your financial standing, but you also have to look at other factors too, like how long you plan on living in a particular community. For instance, if you are going to college or if you are feeling a bit peripatetic, you may want to simply rent an apartment, because that way you can move whenever you want. If you become a homeowner, the process of uprooting is a little more complicated and you have to find a buyer for your home. This is often why renting is the best option for younger people who aren’t sure where the next chapter of their life will take them.
There are also other reasons to rent versus buy. Buying a home takes serious maintenance, which not only takes time, but also lots of money. If anything major needs fixing in the home, you are the one that has to front the money. If you are renting and there is an issue, all you have to do is let the landlord know about the issue and someone will be over to fix the problem – you won’t have to come out of pocket. When it comes down to it, many people would rather rent a home and not have to deal with maintenance, because maintenance can start to get pretty stressful to think about.
However, if you are a little bit older and are ready to settle down – maybe you have a family or you are thinking of starting a family – you may want to bite the bullet and buy. In the long run, you will get your money’s worth if you simply invest your money into one single property, especially if you plan on living in a particular home for longer than ten years. When you do plan on selling your home – if you plan on selling your home – it will be worth more than when you bought it and you may make a hefty profit.
Lastly, if you look at the general economy as a whole, the housing market is still a bit shaky, which means that investing in a home may not be a great idea. If you decide to rent, though, you want to go through a rental company, like LRG Rentals, because a home without a proper management system will be an unenjoyable rental experience. The last thing you want is to pay a big monthly rental fee, only to have a place that isn’t well looked after.