Rent vs. Buy (1)
Which side are you on?
Life is full of hard questions: Paper vs. Plastic. Coke vs. Pepsi. Apple vs. Android. The Lannisters vs. The Starks(Maybe not this last one...)
As far as heavily debated topics are concerned, you can throw in Rent vs. Buy. With the battles line drawn, let's step into the octagon and see if we can crown a champion!
Reasons to Buy đź’°
1)Longevity
Moving soon? If you plan to set up shop for the long run in a particular, buy a house is something worth exploring. The initial costs such as a down payment will be recouped over time.
In the long run, you will actually OWN the home after you’ve paid off your mortgage. Then you just have the property taxes and insurance which is undeniably much cheaper than rent!
2) More "Fixed Costs"
Landlord ever jacked up your rent $200 a month? Not fun. Of course, property taxes do fluctuate both up and down over time. However, a fixed rate mortgage of 15 or 30 years looks stable compared to a fluctuating rental market.
3) Freedom
Making a house you home is a lot easier when you call the shots. What to install something that involves more than a hammer and a nail. Not having to ask permission from a landlord gives you the power to do what your please.
There is also the sense of pride in ownership. This still holds true today. According to recent survey by NerdWallet, 75% of Americans said that owning a home was a goal of theirs in 2018.
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