Rent or Buy? How to Make the Right Decision
When it comes to choosing a place to live, you have two options: rent or buy. Which is the better choice? The answer depends upon a variety of lifestyle and situational factors. Here are a few of the pros and cons of renting and buying that will help you decide which option is right for you. Why You Should Rent :
• Less money upfront: When renting a home or apartment, you’ll usually have to pay first and last month’s rent and maybe a security deposit. When buying, however, you will need to fund a substantial down payment as well as a variety of added fees, such as closing and inspection costs. If money is tight at the moment, renting may be the best option for you.
• More control over your money: The money you save on upfront costs as a renter can be invested somewhere else for future gain.
• Time to think: Renting allows you to test out different areas before committing to a location long term. This is especially helpful if you’re between jobs or in a short-term employment situation. Renting provides the freedom to pick up and relocate more easily.
• Minimal maintenance hassles: As a renter, you have the luxury of calling the landlord when a plumbing or HVAC issue occurs. Homeowners must deal with the cost and headaches of dealing with all maintenance issues that arrive.