Renting Vs Buying A Home: Which Is Right For You?

Written by Millennial In debt on June 14, 2019

tagged buying a home | renting vs buying

FTC: This post is not sponsored and I am not a financial advisor. All thoughts and weird opinions are my own.

Raise your hand if you've heard the advice "it is better to buy than to rent because renting is a waste of money". Well well well... folks let me tell you, that advice just hasn't aged well with the times and there are a million and one reasons why. I just bought a house back in January and I shared the experience from beginning to present (every day is something new ya'll).

I've never had to pleasure of renting since I went from living at home to moving into my own home. However, that doesn't mean I look down on anyone that has gone the path of renting. In fact there are several pros to renting over purchasing your own home, so it is time we go over just a few.

For example, if you know that you like to move around every few years, or you're still trying to find your path or a career, then purchasing might not be the avenue you want to walk down. It is recommended to think about how long you plan on staying in any one place, because if you are not sticking to your home for 5 or more years, than renting is your best bet. Something else to think about when considering if you want to rent or purchase a home, is can you handle the maintenance.

That is not something I thought much about when purchasing or looking to purchase and I wish I did. As I currently prepare to renovate my bathroom, I'm reminded that when you purchase a home you are the sole person responsible for the maintenance. That means if a fuse box blows up, or a water main breaks, you have to cough up the money to fix it. As opposed to an apartment in which the landlord has to take care of those issues.

In the video below I share many many many more reasons why you should consider renting if you're on the fence, as well as the benefits of buying as well.

renting vs buying a home