The Pros And Cons Of Renting

Most people will say that buying a home is the right financial and best personal decision to make

. Although this is true in some circumstances it is not true in all.

Buying a home is a big decision that is not for everyone. Each individual circumstance may help someone determine if buying a home is right for them. There are actually many reasons that it is better for some to rent rather than buy a home.

First, particular situations are more conducive to renting.

These situations may include planning to move in just a few years, single persons who don't need stability, those who do not yet have enough savings, and many other reasons.

Not everyone has thousands in disposable income to put down on a deposit for a new home. Don't forget to calculate the additional capital required when you work to own your home; when you compare it to renting, it is a lot of money to start out with.

When you put a down payment on a home, you are actually investing that money. Although, it is possible that for some this may just be too large of a sum. Making a down payment creates a significant withdraw out of your bank account.

Another factor is that you should actually look at the cost in longer terms than simply monthly. The reason for that is if you may be moving in the coming years, you will need to calculate the closing cost vs. increase in equity to see if you will receive an increase.

Second, it takes much less time to move into a rental space then to buy a home.

You can commonly do a complete research of the rental market, make a decision and move within a week. The same cannot be said for finding a dream home. You have to factor in the search, loan agreements, inspections, and closings that typically take months to process.

Third, probably the best part about renting is that there is no maintenance because it should be taken care of by the rental manager. This means you will not have future out of pocket expenses and headaches associated with things breaking down in your home.

Besides saving money by not having to repair things and purchase new appliances, you don't have to miss work to wait for the serviceman to show up.

However, if you own your own home you have the freedom of doing maintenance and other improvements whenever you wish. In rentals, there are usually lots of restrictions that prevent you from making your rental into your own space.

When it comes to deciding whether to rent or buy it all comes down to your personal situation. Take a good look at your circumstances and decide what is the best way to move forward when it comes time to find a new residence.

by: Jack Landry

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