The age old question, is renting vs buying better. This answer may vary depending on what your personal circumstances are. 

Flexibility

Renting means you can move each time your lease ends without penalty, for those people who move around frequently for work or seasonal ventures, this ability to move freely can be very appealing. However it also means you may need to move sooner than you may want to if the owner decides to use the unit/property for themselves or sell to a new owner.

Fixed Costs

Renting allows for you to budget exactly what your housing costs will be monthly. The repairs, maintenance and upkeep of a property are the owners responsibility and as such, the housing costs aren’t always as predictable for a home owner.

Investment

Contrary to popular belief, renting doesn’t always mean you are “throwing money away” or that homeownership means that you are building wealth. You need a place to live, and that always costs money in one way or another. While it’s true that you aren’t building equity with monthly rent payments, not all of the costs of homeownership will go towards building equity. While homeownership is often seen as a way to build wealth, your home can lose value. The neighborhood you moved in could decline, a major employer can leave the area, causing a significant population decline and a surplus of housing. The option that is best for you isn’t just about money, it is about comfort and your vision for your life. Sometimes owning doesn’t always makes more sense in the short term and renting isn’t throwing away money. The best choice for you is always going to be based on your specific circumstances and both options can be great and rewarding!
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