Buying vs Renting – What Makes a Better Choice?

There is a good number of Americans who dream of owning a house. But is it the right time to buy a home? Many are dragged into believing that buying is a good option than renting as the later is often believed to be akin to draining out thousands of dollars.

However, the problem is property value is floating into notoriously high level, spiking up with every passing day. It is getting really difficult – especially for the people with middle to low income ceiling – to buy a first home. And that explains why renting is still preferred to buying for a certain section of people.

Buying vs Renting

Housing Fees

Let us face the things straight! It is not that you always throw away your hard-earned money while paying rent. The same notion may also be true if you are making a buy. Every month when I pay a few thousand dollars to my landlord, it makes me think that I could have spent that much into my own apartment. But then when I take a look at the current property prices, I don’t have to force myself into believing that I’m throwing money but in a better way.

More Flexibility  

As a 20+ young guy, I’m yet to experience many things in my life. Though I love my current city a lot, I’m not adverse to the idea of relocating if right opportunity comes on my way. And it is needless to say that relocation comes with a lot of headache, especially if you own a house. Renting is more flexible an option and gives you a lot of convenience. Flexibility and convenience cannot be measured in money but the abstract feel means a lot to the adults and people like me who have just started out to earn their bread and butter.

No Unforeseen Expenses

Majority of those who want to own a house often forget a host of responsibilities and expenses that come with proprietorship. Cost of maintenance is most important of all, with others being expenses for insurance, closing, selling etc. And then you will find yourself always spending money on repairing or fixing things. Many roofing companies offer competitive pricing, it can still be expensive if you’re not prepared for it.”. You will also have to take care of ground maintenance and lawn work. But if you are paying rent, you don’t have to take all those into your head.

Price Location Wise

Buying can be a preferred option if compared with renting but that depends on where you will live. Location is what plays the key role here. There are several cities in America where property prices are insanely high and appreciate more quickly than what is experienced in other parts of the country. Given my current salary slab, it will take me years to make that much investment. But until then, I’m happy with my rented apartment and won’t mind spending money in someone else’s apartment.

Personal Choice

Last but not the least, it is up to one’s personal choice whether to buy or rent. Others’ view is not the sole thing when it comes to consideration because your choice must be based on your own needs. Preference, income, flexibility, lifestyle play a big role in deciding whether you should go for a buy or renting.