Rent vs Own
Rent vs. Own
When is the best time to buy a house? I am sick of throwing my money away on rent. The best time to buy a house is when you are ready for it and have analyzed every aspect of owning a home. Homeownership is a big step to financial freedom. Still, before you jump into anything, it is essential to thoroughly analyze your situation and whether or not it is right for you. If you haven't owned a house or met with a mortgage banker, you might not know if it is even possible.
Renting vs. Buying
Looking at Real Estate online can often be misleading. It can either lead you to believe your dream home is within reach or discourage you from ever thinking you can afford a home you would be proud of. Homes can be affordable. However, they can also be costly. For many homeowners, it's one of the smartest investments they'll make. Buying a home can be less expensive than renting, especially in the long run. When you rent, you are paying for a roof over your head. When you buy, you become the owner of that roof and everything beneath it.
Advantages of Renting
- Renting offers more flexibility. You can pack up and move at a moment's (or a month's) notice. Depending on the terms of your lease, you're not usually tied to a residence for more than a year or two at most. On the other hand, when you own a home, you need to sell the property or find a suitable tenant before you can move—or else you'll end up paying a mortgage on an empty house or letting that home go into foreclosure. If you know you're likely to move within two to three years, you might be better off renting than buying. If you sell soon after purchasing, you don't have much time to build up equity in your house (its cash value as you pay off your mortgage's principal) and often don't break...