Rent or Own: How to Decide

Creative Commons License credit: Jef Poskanzer

Rent or own, that’s the question. You need to live somewhere so you need to decide whether you’re going to rent a home, buy your own home, or continue living in your parent’s basement.

If you’re looking to build equity and stay in a home for a few years then you may want to purchase a home. Those are the obvious benefits of home ownership, but there are some other benefits and ones that aren’t tangible at all. One of the biggest reasons people have for purchasing a home, whether they admit it or not, is the pride of ownership. There is a sense of accomplishment that comes with a home purchase. Another plus in the homeownership column is you have your own space to decorate as you please, inside and out, without worrying about the landlord keeping your security deposit.

There are also negatives to owning a home, and in some cases they may be enough to convince you that renting is a good idea. But there are benefits to renting that may have you looking for a landlord too. If you aren’t interested in doing your home and lawn maintenance then an apartment would be a great home for you. You also may find that a large apartment complex has other amenities such as a pool or a full gym that you wouldn’t have access to in a private home. Before you dive into home ownership or sign a long lease on a rental property, make sure you weigh the pros and cons of both options thoroughly and make an educated decision.