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This is an age old debate and varies for each person. I will attempt to go over some basic considerations of whether you should buy or rent.
1. How long will you live there. The longer you will be there the more it may make sense to buy.
2. Your financial situation. Right now you may need as much as 5% down. There are sometimes first time buyer programs where you can get into home ownership for less than renting a home. You also need to have decent credit to buy a home and have some money saved for repairs and maintenance.
Advantage of buying a home:
1. You have a chance to build equity. Historically real estate prices go up over time and you could actually make money while living in your home.
2. Your mortgage typically will never go up. So you lock in your payment at today’s rates. (My uncle had a mortgage for the full 30 years and is was about $100 a month until the day he paid it off.)
3. You can do whatever you want to the property. (as long as its legal)
4. There is an intangible good feeling that many people get when they own a home, especially when it is paid off.
5. Society tends to look up to people own a home.
Disadvantage of buying a home:
1. You could lose money. The shorter the amount of time you own your home, the more likely you are to lose money on it. It is expensive to buy and sell homes. (But not as much if you use our Buyer Guarantee)
2. It takes time and/or money to maintain it and you are 100% responsible.
3. You usually need a downpayment.
4. Depending on your market it may cost you more per month. (Usually this is only at first, it would be a rare case that a mortgage would be higher than rent after 30 years.)
Advantages of Renting:
1. Flexibility. You can often leave with as little as a 30 day notice.
2. Cost. The cost if often much lower, at lease in the short term.
3. Less responsibility. Toilet is leaking? Just make a call and it magically gets fixed. Almost all the maintenance is somebody else’s problem.
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