Renting vs. Buying - Which Option Is Right For Me?

Housing matters can be a major concern for anybody, regardless of social class, income or personal history. The real estate market is flooded with homes in foreclosure and bankruptcy and the available properties seem ripe for the picking. There is more to this market than you might be aware of - these cheaply priced homes are often tied up in court proceedings or bank negotiations. Complications like these can cause a heavy delay, or a total halt, in the buying process. Even if you are looking to buy a home that isn't tied up by such matters, there may be more to consider than just a mortgage payment.



Many individuals and families are choosing the rent rather than buy. This trend is rising for a number of reasons. First of all, financing and credit are becoming increasingly difficult to come by. The recent recession has made lenders wary of loaning money to anyone with less-than-sterling credit.



There are also those that decide to rent by choice rather than necessity. Some residents simply prefer the convenience of a rental property. While a renter is responsible for any damages they cause to a home, a landlord has liable for making repairs and handling maintenance issues that arise in the general course of daily activity. A homeowner can spend thousands of dollars repairing a damage AC unit, but a tenant has only to call the landlord to arrange for such a repair. Renting may also be preferred if you are only looking for housing on a temporary basis. This can be ideal if you are new in town and in the market for a home, but don't want to rush into anything. Renting can allow you time to shop around without worrying about being homeless in the meantime.



The decision to purchase a home is a major commitment, but if handled properly can be well worth it. There is a degree of security and satisfaction that comes from owning your own home that you simply can't find in a rental property. People can choose to buy a home for any number of reasons. They may have landed a great job that finally provides them with the means to do so, or they may have a growing family for whom they want to provide stability and security. Some homebuyers may simply want something meaningful to call their own.



The decision to rent or buy can include a lot of deliberation and evaluation of resources. If you become invested in one option, and then decide it isn't for you, it is possible to change direction. However, keep in mind that it is much more difficult to extricate yourself from a home purchase than a rental agreement. Much larger sums of money are involved and you will be tasked not only with finding a new place to live, but finding a way to rid yourself of your current house. Maintaining positive credit and a steady income are vital to either option.