Buying a property is one of, if not, the biggest monetary decisions you’ll ever make. How do you know if buying is the right decision for you right now, or if you should be renting instead? To help you choose better between the two options, here are some points for you to consider:
Benefits of Owning a Home
Once your mortgage is paid off, your home will be all yours. Should you decide to sell it in the future (which you are free to do since you own the home), it could be worth more than you paid for it.
If your home increases in value, the equity you gain from it can help you afford a bigger home or improve your retirement budget immensely once you retire.
You can alter or improve your home as you see fit.
Benefits of Renting a Home
You’ll have better flexibility. For instance, if you want to move out, you’ll encounter less troubles and hassles than if you owned the home.
There will be no maintenance or repair bills to pay off, because your landlord will be the one responsible for all these.
No real estate taxes, no big down payment to worry about—practically the total amount is significantly less than you would need to buy a house, but only to a point, since your payments will be never-ending if you keep on renting.