Buying a home has always been considered the cornerstone of the American dream. However, in recent years, people have been debating whether buying a home is always better than renting.
There are arguments both for buying and renting, but it all depends on a potential homeowner’s individual circumstances.
There are several things to consider:
- How long do you plan to be in the home or this area? If you know that you will be moving to a new city in a year or two then it may not be a good idea to buy a home. If you plan to be here for 3 to 5 years then it probably makes senses to go ahead and buy a home.
- Are you ready for the commitment involved in buying a home? Many people are not and that is okay. For some people, owning a home can feel like they finally a huge burden. There are property taxes, home maintenance, unforeseen repairs, etc… Those things can be scary.
- What does your personal situation look like? Do you want to own a home with a yard that your kids can play in? While some apartment rents are less expensive, home rental prices are gone up quite a bit in the last few years. A lot of times the house rental payment versus a house payment could be higher depending on where you are trying to live.
It’s also important to weigh the differences between the properties you’re considering. For example, you might be thinking about renting a three-bedroom apartment in a multi-unit building in the city or buying a new, single-family home with a yard. Your decision should take into account the non-monetary benefits each property offers, such as how important outdoor space or proximity to downtown is to you.
Check out the Rent vs Buy calculator and learn more about the cost comparison between these two options.
Please contact us with any other questions that you may have about the rent vs buy comparison.
We also provide property management and may be able to get you into a short term rental while we search for you next home together.