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Should you Rent or Purchase?

Should you rent or purchase your home?Should I Rent or Purchase a Home?

Deciding whether to buy or lease a home is a big decision and one that is not to be taken lightly since you will be spending time and money in this potential investment. When asking yourself “should I buy or lease a home”, there are many factors to consider. It can be helpful to do research, discuss the matter with a knowledgeable realtor, and make a list of the pros and cons of home purchasing versus renting a home. One must also take into consideration the housing market in your particular region, as it varies widely from state to state. After reviewing your list, weigh what is most important to you and what makes sense for your particular situation; further discuss the matter with your family (if applicable) and your realtor so that you can arrive at a well thought out decision. There are several points one must take into consideration when deciding whether to buy or rent.

First and foremost one must consider their lifestyle. Are you someone that is looking to settle down and lay roots somewhere, or do you have a wanderlust that might drive you to move in a year’s time, or perhaps your job requires a great deal of travel or possible relocation at any time? If the latter then renting may be the wiser option as houses require a great deal of time and care to maintain and there is a significantly lower amount of freedom in moving once you have already purchased a home.

Another equally important aspect to consider in this debate is the state of the housing market in your area. A home is not always a wise investment, particularly in these tough economic times. If you are in fear of pay cuts at your job or are unsure of the position you are in, the wiser decision might be to hold off on purchasing a house and focus on saving the money that would go into that purchase for other investments. If you have poor credit, this could also be a time to rent and build a strong history of timely rent payments.

On a lesser scale, other facts to consider are the level of creativity and ability you will have to customize your living space. Many landlords do not allow their tenants to paint, or hang too many pictures because they could damage the walls. In a house that you own you are free to do whatever you want and make it the home you’ve always dreamed about.

If you are unsure, that probably means you should rent first, then save money to purchase a home when you are certain that you are ready. Buying a home is a big commitment, so don’t hurry the decision.