Should I Buy A Home Or Rent

Published January 21st, 2007 in starting. Tags: buy or rent, rent, starting.

Should I buy a home or rent

Buying a home or renting are two differnt things and each has it´s up and downsides.

The pro´s of renting

Freedom to move in short notice
No maintenance responsibilities
Cheaper in the short run.

That last one needs a bit explaining. Lately everyone wants to buy a home and what that does with the prices…well you know for yourself that the prices of the houses are not what they were 4 years ago. Normally the price of rent goes up at the same rate as the prices of the houses does, but with a overheated market the gap between the rent price and a mortgage is bigger then it would be. So in short term you could save money by renting…but in the long run you will pay more.

The pro´s of buying a home

The house becomes an asset
no rent increase

Should I buy a home or rent is also a question of How long do you plan to stay at that place. Many people move around because of work family and if you do not plan to stay longer then 4 years I would not advice to buy. The turning point lays around 4/5 years and if you plan to stay longer I would buy a house instead of renting it. Most likely in those 5 years the value of the house will be more then what you paid for and you have recouped the closing costs

If you plan to buy a home and not to rent I am sure you will find valuable advice and tips at our site that will help you