Should you rent, or buy a home? Eventually most people are faced with this question, does it make more sense financially to rent or buy. Each decision has its perks. By renting property you have a landlord who takes care of maintenance issues, whereas owning your home means you are responsible for home improvement, but by owning a house it becomes an asset. Everyone’s situation is different and there is not a one size fits all plan for everyone.
While there are many things to consider when deciding if homeownership is right for you, here are a few things to think about:
1. Do you have a steady job or income?
Do you have a job with a certain sense of security? Do you plan on changing jobs anytime soon? These can be huge factors in getting approved for a home loan as well as being a successful homeowner.
2. How long do you plan on staying?
If you are planning on living in a city for just a few years, it can make more sense to rent, as you are not tied down to a specific area. If you are ready to put down some roots, then it may make sense to purchase your home. If you plan on staying in one spot for a prolonged period of time, then it may not make sense to have expensive rent payments when you could be putting it towards a mortgage.
3. Responsibility vs. flexibility
Would you prefer the responsibility of owning a home or the flexibility of renting? If you own a home and have to move for work, it may take a long time to sell your house, whereas it may be easier to pick up and move when renting.
Owning a house means that you are free to make any changes you want, big or small. Want new appliances or to put holes in the walls? Want to repaint or have pets? When you own a home you really are the master of your domain, and you do not have to seek permission from a landlord before doing anything to the house. Freedom to be free of answering to others can make home ownership worth it to some people.