The rent versus buy debate is one that often leaves people confused and unsure. What is the right solution? Will your net weather be greater or less if you buy a home versus continuing to rent?
Renters invest large deposits while purchasing a property involved purchase and home loan start-up costs such as stamp duty and loan establishment fees.
Ultimately, there are pro’s and con’s to both options and the right answer will be based on you.
Renting offers flexibility, as a tenant you can freely relocate from home to home once your lease expires. Flexibility with home ownership is more costly due to the costs associated in buying and selling property.
Renting can offer a cheaper alternative to buying, both upfront as well as being able to avoid costly repair and maintenance. As a tenant, your landlord is responsible for taking care of these ongoing expenses.
But buying also has its advantages.
As an owner, your home is yours. You decide on what updates or changes you make to your property to improve your living space.
When owning, you will pay off your mortgage within 25 to 30 years – a major advantage over renting.
Depending on your situation, buying may be the best option – or renting could be the ticket. YNM Real Estate can help you find your perfect home, whether that is as a tenant or as a homeowner. Contact us today to find your next move.
