They both have advantages. Renting - I'm not responsible if a pipe bursts. If I own and a pipe bursts, not only do I get to pay to fix the pipe and the damage from the burst, but I still have to make the mortgage payment.
They both have advantages. Renting - I'm not responsible if a pipe bursts. If I own and a pipe bursts, not only do I get to pay to fix the pipe and the damage from the burst, but I still have to make the mortgage payment.
This is the correct answer.
It isn't that rent is always better, or that home ownership is always better, it entirely depends on your situation.
In most people's situations, home ownership is better than renting.
But there are many scenarios where it is better to rent. Keep your mind open, understand the numbers/debt/interest/appreciation/taxes, chart out your net worth using both scenarios, and figure out for your income/geography/lifestyle, which one will put you further ahead.
This is the correct answer.
It isn't that rent is always better, or that home ownership is always better, it entirely depends on your situation.
In most people's situations, home ownership is better than renting.
But there are many scenarios where it is better to rent. Keep your mind open, understand the numbers/debt/interest/appreciation/taxes, chart out your net worth using both scenarios, and figure out for your income/geography/lifestyle, which one will put you further ahead.
(post is archived)