2 reasons why renting can be better than buying
Buying a home ranks pretty high on the to-do list for most adults, as it's a huge asset. Also, it often means that you have reached a certain point of financial well-being and wealth.
"If you live in a place where owning a home isn't realistic at the moment, either because there are no properties available or because they are prohibitively expensive, it's worth learning about the benefits of renting," says Lauren Darrah, real estate agent.
Even if you can afford to buy a house (and find it to invest in), it may not be the right time to buy, "unless you're interested in staying in the same place for the next five years, renting is really the better of the two." options," he said. That's because you need to hold onto a property for that long, on average, to see a return on your investment, he explains. As a result, figuring out where you see yourself half a decade from now is a great first step in determining whether or not you should rent or buy. I'm not sure? Don't worry, you'll enjoy a couple of advantages of renting while you make a decision or save money for your own home.
1. You can test the waters where you live (or want to live)
“If you want the option to explore other neighborhoods or want to settle elsewhere in the future, renting now is the best option for you,” he adds. Renting is also the perfect way to try out a new city before making a long-term commitment. “Try out some of those options for a year or two to get an idea of ​​where you really want to end up,” she suggests. Read More…
