Let's take a look at the pros and cons of renting versus owning.
I’m very much into putting some math behind major buying decisions (jobs, houses, cars, trips, etc.). I found 2 sites that did a good job of objectively laying out the various costs associated with homeownership.
Once you have that in hand, you can make a decision based on the facts, not just the hype of homeownership (as I see so often).
You may not have heard a Realtor talk about the merits of renting over owning, but there are some worth mentioning. For example, if you’re in a temporary living situation (e.g., job relocation, military, or a growing family), not being tied down is preferable.
Another plus for renters is that they don’t have to stress about the labor and costs associated with maintenance.
If you plan to be in one location for the long haul, then ownership is your best option. As an owner, you pay down the principal balance on your home loan each month, whereas renters face nothing but rising rental costs with no asset to show for it.
Secondly, if you’re seeking to live in a desirable community, it may be the case that there are few (if any) rental properties available. Based on where you’re looking, ownership may be your only option.
Lastly, a property that you own is one that you can make your own; it’s part of the American Dream to own a home and customize it to reflect your lifestyle. A lot of deciding whether you should rent or buy comes down to the math (i.e., the cost of renting versus the mortgage payment and maintenance costs associated with ownership).
If you or anyone you know is currently pondering this decision, please feel free to call or email me. I’d love to have that conversation and help you think about all the implications.