There’s millions of opinions out there about buying a house as opposed to renting. While some people cannot fathom renting an apartment, others could never imagine buying a house. Wherever you stand on the topic, it’s important to be educated. There’s thousands of articles out there trying to sway you one way or another, but we’re only bringing you the cold, hard truth. Let’s get down to it.
The first variable to consider is the reason for your location. Experts say judging your move based on anticipated length of stay can help solve this debate rather quickly. Stop and ask yourself how long you plan on being in the area. If it’s between 3 and 5 years or less, renting is the way to go. The process of buying real estate, along with price of taxes along the way, deters people from buying for short amounts of time. If you’ve just moved off campus in your college town; renting is the way to go. Unaware of what the future holds, you don’t want to be weighed down with things like houses that only college students would want in the future.
Exceptions for this rule might be if you’re into real estate investments. Building up your real estate assets? Wanting to rent out properties? Buying and living in a house for a few years gives you time to remodel and re-decorate for future buyers or renters. However, this would require a good sense of your future. Property management isn’t an overnight decision (and it’s not cheap either).
One day people will stop accusing renters of throwing money away. Unlike popular belief, renting isn’t the black plague. While you won’t be punished for a whole lifetime just for renting, it’s important to understand your options and reasoning if you choose to rent. You might pay a little more each month for renting, but there’s more convenience in renting. Typically, you don’t have to pay for maintenance. Yard work is typically done for you. Apartment buildings are found in convenient locations, especially in bigger cities. There are often many amenities with rental properties, like included utilities or common areas like a gym or pool. Better yet, if you decide to up and move, you have the freedom to do so. You won’t be stuck in a house you can’t sell and you won’t be paying realtor fees to get rid of it.
All in all, the two choices might seem like you’re dealing with the same thing. Renting might cost more, but you have to pay taxes and insurance when buying. Buying leaves you with an asset, but renting lets you move anywhere you please easily. Whatever your choice comes to, the most important aspect is to think it through and do what’s right for yourself.