Deciding to rent or own your own home is a major decision, there are many things to consider, and what would be the best for you and your family. When weighing the pros and cons, ask yourself what would be the wisest move financially.
Things to take into consideration is:
- What is your lifestyle like? For many people, renting is the best option because it gives them the freedom to move around for a job or relationship.
- Long-term equity ~ buying a home is really not worth it if you are not planning on staying long. Consult with real estate professionals, do your research, and decide if this is an investment worth making.
- Maintenance alone can be a huge amount of money especially if you bought an older home. As a renter, when something happens it is the landlord who is responsible for up keep and repairs (in most cases).
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