What’s better, renting an apartment or a single family home or buying a condo or single family home? I would love to tell you that there is a clear cut answer. Mostly, you need to think about your needs — the financial needs and your everyday needs:
Are you planning on moving in a year or two?
Do you want to build up your assests?
Do you want to be responsible for your own home?
If you’re planning on moving to a different area or state in the next year or two, it’s probably not the wisest to buy. Renting would be better until you’re settled.
Purchasing a home is a huge investment. You are going to need some money in the bank to pay for costs/fees that come with buying a home. (Earnest money, money for an inspection, appraisal, a downpayment.)
If you don’t want to maintain a house, or repair items when needed and would rather all that falls upon someone else, then, maybe you’re not ready yet to purchase a home. Buying a home is a commitment, you get the good and the bad.
Pets. Lots of people have them, but if you’re renting typically you have to pay a premium for them. I have had more than one buyer buy a home because they couldn’t afford the extra pet charge their landlord was imposing. That or they all of a sudden stopped allowing pets. Good news for me and for the Brown County housing market, right!
Of course these aren’t just the only questions you need to face when debating whether to rent or to buy. Everyone has their own reasons for whichever they choose. Just make sure what’s right with you.