Many people believe that it is always better to buy a home rather than rent, as long as you can afford it. We’re taught at a young age that one of the best investments most people can make is to purchase a home. But these days, it is becoming more clear that renting is sometimes a better option for us than buying.
A few things you should know when choosing whether to buy or rent are:
- Renting limits your exposure to repairs and maintenance costs
- Renting allows you more flexibility
- Buying means paying a lot in interest on your mortgage
When you buy, you are betting on security, both in your job and your local housing market. You should plan on staying in one place for at least four years. For even more considerations, read this full article.