One of the most common questions I receive deals with the old debate of rent versus buy. Unlike most people, I’m not one to say one is right and the other is wrong. The fact is that they both have their benefits and disadvantages. It’s usually your own personal situation that will dictate which is the better option for you.
Do you plan on staying in the area for a while? Then you should consider purchasing a home. But if you’re only going to be in an area for a year or so, then renting is the more viable option.
Many studies have shown that home ownership boosts overall happiness in a person and is a universal desire. There’s something truly special about having a place that’s your own. A place where you can make all the rules and live in a manner that is totally up to you. Independence and home ownership are definite bedfellows.
Renting isn’t going to afford you the same type of freedom. You’ll usually have a landlord and strict guidelines of what you can do and what you can’t. But the benefit here is that most maintenance must be performed by the owner. So while some of your independence may suffer, you’re also not completely responsible for the upkeep. But there are things like security deposits to keep you from having too many wild times! So be careful.
Next time I will discuss current market trends and provide some cool links as well. Like always if you have any questions, please don’t hesitate to send me a message!
Alana