Rent or Buy?
The choice between buying a home and renting one, is one of the biggest financial decisions to many adults. With rising home prices, renting has become the seemingly cheaper option. However, what you don’t understand is that you are paying a mortgage either way - yours or your landlord’s. Cost is the obvious factor in making the decision. Besides the monthly payment, there are a lot of expenses to consider when buying a home - down payment, closing costs, insurance, maintenance. Even though there are options with as little as 3 % down, young adults rarely have savings to use. Still, in the long term buying a home would definitely be the smarter choice. Just think of all that equity you could have earned over the past few years, while you were renting?
It’s ultimately everyone’s personal decision when it comes to buying or renting. No matter what your financial situation is, be sure not to throw your money away for too long. If you are not sure which option is better for you, contact me and I would love to help you make an informed decision. Whichever path you choose, I can be your source of knowledge and support.