Whether to buy a home or not is on a lot of people’s minds, especially millennials. In today’s market people are spending the same amount a month renting an apartment as they could on a mortgage payment on a home. Moving into a home is a big responsibility and not everyone wants the burden of a mortgage payment.
If your family lives in another state, your job moves around, or you’re planning to travel frequently, buying a home is probably not the best option at the moment. If you have a stable job and your family is in close proximity then purchasing a home can save tons of money.
Why pay for something you will never own? Whether you stay in the home long term or not, purchasing a home will save money. If you decide to leave the residence and move elsewhere you now own that property so you can rent it out and make income on it. Not only is there a possibility of a second income but there is the potential to get tax benefits. Homes also have a guarantee of return on your purchase after owning for 15-20 years. Think about spending $102,000 on a condo, you will now own it till the day you no longer want it. Now think about spending $102,000 on a rental property over a couple months. Yes, that rental will seem nice in the moment but at the end of those few months you will have payed $102,000 and now need to put more deposits down and rent another home. Neither renting nor buying is better but you will have different take always from each purchase. When renting you don’t pay for maintenance but you also don’t get to choose who does the maintenance, when they do it, and what appliances are in your rental. When you own a home you have full rein of what is in your home and who comes in your to fix it when something goes wrong. Buying and renting are both good options but in the long run purchasing a home will save money and provide you with more freedom to do as you please with the property.
