To Rent or To Buy?
Dec 03, 2020
In today's world, the renting vs. buying question is not something many ask themselves because it is assumed that renting is easier & cheaper. We are here to tell you that is not always true!
Sure, if you are young and just starting out, or your life is in flux for any reason, renting might be the best option. It costs less up front and your monthly costs might be lower, however your rent could increase or you could be asked to move, once your lease expires. And while you are saving money each month, you won't be building equity like you would by owning a property. The truth is, with the average cost of rent on the rise and programs dedicated to the First Time Homebuyers, owning your home is achievable.
1. Work on a budget. Just because you can't afford it, does not mean that it is impossible. And, our smart money management tools can help you start saving today. Take advantage of our financial calculators to help you get started.
2. Define what makes you happy. For some, the mobility of renting is attractive while others prefer the benefits of tax deductions or want a yard and larger space to call their own. There are also those who prefer co-ops or condos because they want to own but prefer the flexibility of calling a property manager to fix a leaky pipe.
3. Build a plan that works for you. Set a timeline and be prepared to adjust as life happens.
In the end, whether you decide to move out on your own or buy your dream home, it's a big step and isn't something you should jump right into. Weigh the pros and cons of each and do what is BEST for YOU and your current situation.