Rent or Buy a Home? Know Your Options

Short you rent a home or apartment- or buy?

It’s a tough question to answer, and how you make your decision should be based on your age, income, personal relationships, and other factors.

As a young adult, save money for somewhere to live- maybe feeling as if we will never get to where we want to be. With house prices rising most of the time, accumulating enough money to purchase a home or apartment can be difficult.

However, buying a house isn’t the only option you can take when looking for somewhere to live, and today we will have a look at why you should consider renting instead.

What’s Your Commitment?

Unless you already have a partner and you are planning to settle down with kids in the near future, there really isn’t a need for you to rush into a mortgage.

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If you are free of commitments and able to move around as you please, renting something like Glamour Apartments might be a better option, because it’s a shorter commitment. When you buy a house, you commit loan payments that can last 20-30 years. With an apartment, however, you don’t have this worry at all. If you suddenly decide you want to move somewhere else, you can don’t without any issues.

If you’re in Orlando, FL and looking for apartments on the cheaper side, Rent.com offers a number of inexpensive options. You can use the site to review hundreds of properties, each with different floor plans and price ranges. Use the site’s interactive map to find an apartment in your preferred location.

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The Benefit of Flexibility

Living in a house can be a big investment, and it can tie you to living in one place for a long time.

When you rent a house, you have some flexibility if you have a change in circumstances. If you decide you want to travel, for example, you can simply move out and not have to worry about paying off your bills and a mortgage while you are gone.

This is ideal for younger people who may not have settled on a particular city or career path.

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Cost Savings

As a new homeowner, the biggest shock to the system is likely the cost of repairs around the house.

A burst pipe here and a rusty tap there can add up over time, and the costs can make things difficult for you when budgeting for the month. However when you rent a house, you aren’t responsible for these repairs and you can simply tell your landlord what needs doing so they can fix it.

Plus, you won’t have to think about decorating because it will all be done before you move in! It saves you both time and money on repairs and makes living so much less stressful.

Low Cost

As you will likely be aware, renting is cheaper than buying a house. When you pay for a mortgage, the cost will be much higher than simply renting a home. This is a massive difference, and it can make all the difference when you are young and trying to make your way in the world.

An Investment

Ultimately, everyone should strive to accumulate enough money for a down payment on a home. If you own your home, your mortgage payment will help you build equity in your house, which may be the biggest asset you’ll ever own.

Create a savings plan to purchase a home, and benefit financially from home ownership.

This post is for educational purposes only.

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

Co-Founder: accountinged.com

(email) ken@stltest.net

(website and blog) https://www.accountingaccidentally.com/

(you tube channel) kenboydstl