Should You Buy or Rent a House

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Whether to buy or rent a house has been a common question. Everyone’s situation is different from the other which makes house rentals not any better than buying a house.

There are several reasons why some choose to rent. One of the primary reasons is because it saves money. Compared to a full cash payment which is heavy for most pockets, renting is probably cheaper. Flexibility is also a factor for renting a house. Some people consider whether they would want to stay in a single location for the next 10 years or more. Also, many choose to rent because it’s more carefree. When you own a house, you are subject to its renovations, maintenance and property taxes. But renting a house does not require you to any of this.

On the other hand, some choose to buy a house due to some reasons such as peace of mind. Homeowners are no longer required to have monthly deductions and will live a rent-free life knowing that the house is all theirs.

Should you buy or rent a house? This actually depends on several factors.

First is the location.

Do you in leave the city or in an urban area? What is the cost of buying versus renting in your location?

Second is the time frame.

How long do you wish to stay in the area? If you want to stay for good then the long-term commitment of home buying is advisable. If you have plans to be somewhere else due to work or post marriage, then renting a house would suit you better.

Third is the monthly budget.

Owning a house would mean more expenses since you’ll have to deal with mortgage payments, bills, as well as emergency expenses for maintenance or renovations.

Whether to buy or rent a house, one must consider these factors and thoroughly weigh the options before deciding.