50/365: Hanging in the balance
Creative Commons License photo credit: Betsssssy

There is no one answer to the question to rent or buy, as the answer changes per person and at different times in a person’s life cycle.? Before you answer the question for yourself, evaluate your situation, lifestyle, income and other factors and then make an educated decision.

Debt and Credit

What is your credit rating and how do you handle debt. If you want to buy a home you’ll need to have really good credit and not a lot of outstanding debt. But a deeper evaluation of your typical credit transaction will give you insight on your financial responsibility level.

Job Stability

How long can you count on your job being around? How long are you planning on staying at your current job? If you’re pretty certain of your financial stability and your employment status then a home purchase may be the more logical decision.

Rent vs Mortgage Costs

Look at the expenses that each option will cause you to incur. Can you afford both options or is one of them more viable for your current situation. No matter which way you decide to go, renting or buying, make sure you don’t exceed your means.

Maintenance Issues

If you’re a low maintenance person who doesn’t like to take care of things then a rental is for you because home ownership comes with a lot of additional maintenance issues. There are things that you will have to do for yourself and there are added expenses which can be very pricey.