Buying A Home Or Buying

1318 WordsNov 3, 20156 Pages
The choice between buying a home and renting one is among the biggest financial decisions that many adults make. But the costs of buying are more varied and complicated than for renting, making it hard to tell which of them would be a better deal. There have been many discussions over the past several years about whether renting a home or buying is the better option for people whether you’re young and just beginning or older and more settled. There are many factors to consider and different steps to be taken when making either decision. There are many things that are alike when it comes to renting but there are also many differences if choosing to buy. According to a recent poll by Fannie Mae, more than two-thirds say it is a…show more content…
One very important thing to consider before making this choice is how long the move will will be. When renting a home there is much more flexibility. Despite the fact that you can’t build equity when you are renting a home, renting offers you the most freedom and flexibility, especially if you are signed and paying on a month-to-month lease. When reaching the end of the contract or lease, which in most cases is usually 6 or 12 months, the choice to move is very easy. If you are not settled into your career or could have an opportunity to move again in the near future, it is much easier to switch to a month-to-month lease than it is to sell your home. When owning a home that isn’t usually going to be the case. It is a very long process to list, show and try to sell a home. It could take up to months or even several years which makes moving much more difficult. Being unsure of the neighborhood to live in for a long period of time, uncertainty of a major career obligation or change, unstable income and maintaining the keep up are all reasons to consider renting a home. On the other hand, when rent is being paid, that is just simply paying the landlords mortgage and adding equity to his checking account and no benefit to the renter at all. The process of finding a home is naturally the
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