No matter what age you are, if it’s time to change up your living situation, you can probably use a little helping hand with deciding how to do it. It really comes down to where you’re putting your money.
Renting and buying have their own pros and cons, and there is no “right” answer to the question of which is better.
What is best for you is whichever one gives you the most of what you’re looking for, and only you can say that.
So, when it’s time to move, do you look for houses for sale or houses for rent in Columbus, GA? Or Los Angeles? Or in whatever place you’re in?
Here are some tips to help you decide whether renting or buying a house is right for you.
Renting Is More Flexible…for Everyone
When you rent a house, you’re not attached to the property, except during your agreed-upon lease period. Once that expires, probably at the end of one year, you’re free to move wherever else you’d like, no strings attached.
You’re not on the hook for sticking around, paying off a mortgage, or owing back taxes on the property. You’re basically free to come and go as you like as a renter.
But that’s a downside, too: if you’re free, so is your landlord. Property owners can raise your rent, kick you out to sell the property, and basically dictate the rules where you live. So enjoy your freedom with some caution.
Home Ownership Is Equity
When you buy a home, on the other hand, you certainly end up paying a lot more. There’s the down payment, the mortgage, the property taxes, the energy bills, the garbage fees, and so on and so on. It can be a lot for anyone to handle.
But if you can manage it, the returns should be excellent. Homes increase in value the longer you hold them, and so, if you ever do decide to sell, you are likely to make your money back and more.
Even if you don’t ever want to sell your dream house, owning your own home gives you the freedom to do as you want. You make the rules. That’s enough for a lot of people.
Make It Your Own
Whether you rent or buy a house, it’s always important to remember that the decision should be made based on what is best for you and your loved ones. Don’t let anyone tell you that one is better or that you should do one thing over another.
You should live as you can handle, and if that is renting, so be it. The same goes for buying.
Make your decision your own, and you will be happy with the results.