The argument of buying vs. renting really comes down to personal situations if you’re asking us. Neither buying or renting is bad or good and I will explain in this blog why it’s over all a silly argument. In 2019, the debate stays in favor that renting is actually a smarter decision than buying because as a home-buyer you will have to dig deep and make sure certain questions are answered and can be accomplished before you pull the trigger. Some of these important questions might include, 1. How long will I live in this home? 2. The cost of housing in the area I am looking to buy? 3. The cost of taxes and insurance? And 4. Cost of down payment? So now that we know what the most crucial questions to ask yourself before purchasing home, you can start to crunch numbers and get down to business. As Real Estate brokers we usually lean more toward purchasing and with good reason. Its smart to be aware that when you pay off your home, its yours and you can eliminate the expense of housing once you’ve paid it off. If your home appreciates more than you’ve paid in mortgage, you’ve easily earned your return also tax credits help offset some of the cost of home-ownership. Buying has opportunity costs depending on the amount you invest you can earn back. While there are many benefits of purchasing a home there are many to renting as well such as; being aware that renting isn’t throwing your money away, you get a place to live, you don’t have to pay for repairs, maintenance, or other issues that come up, depending on the market fluctuation renting can work in your favor during certain time periods. So overall, buying or renting is a personal choice and unique situation. Do what’s best for you!
This content is not the product of the National Association of REALTORS®, and may not reflect NAR's viewpoint or position on these topics and NAR does not verify the accuracy of the content.