To Buy or Rent: That is the Question

Sometimes it’s hard to make the decision between buying or renting a house.  There are pros and cons to each.  In this article we will explore both options in depth to help you choose the best option for you.

Renting a House or an apartment

Renting can be frustrating. You have to have to make sure you have good credit and that you have pay stubs to show that you have a job and that you will be able to afford the monthly rent. You will also have to deal with a landlord.  Depending on the landlord, this can be a good or a bad thing.  If your Landlord is hard to get a hold of then you will may have trouble getting rent to them or asking them questions about the rental.  If they are a good landlord they will be around and available to answer your questions and to make sure that repairs are made.  If you rent a condo or an apartment you will be dealing with roommates as well, which again can be a good thing or a bad thing.  If you have good neighbors they can be helpful and respectful, but there is always a chance that you will be stuck with loud or disrespectful roommates around you.  The one good thing about renting, is that you have more freedom.  Many people feel as if they are stuck where they are when they have a house. With a rental, if you decide to travel for a while, you can either sublet, or wait until your contract is up and put your stuff in storage until you get back.

Buying a House

Having a house is important to some people. It shows sense of responsibility and gives you a home base that you will always be able to go to.  It also offers tax benefits and allows you to choose whether you want to deal with roommates or not.  When buying a house you will be stuck paying a monthly mortgage for several years depending on the price of the home, but once the house is paid it will be yours for as long as you choose to own it.  The other upside to owning a house is that you can remodel or change whatever you want.  With an apartment, condo, or house rental you have to have permission to change anything and often have to change it back to the way it was before you leave.  There are also lots of options for renting out your home these days as well.  Which means that if you did decide you wanted to travel for a while, you would be able to rent out your house for as long as you want and then be able to come back and live in it if you choose do to so.

All in all, I think that it really is up to your living style.  You have to decide if you have long term plans to stay in one place, or if you plan on moving around a lot. Renting makes a lot more sense when you are moving all of the time, but owning a house makes more sense if you want to raise a family and stay in one place for a while.