Buying Vs. Renting
It is the classic question that anyone who is buying a home will ask. Is it better to buy than rent? And the classic answer to such a question is, it depends. They both have their own pros and cons. The pros of renting are you do not need a down payment to move into the rental. You also do not have to upkeep the property since that would be the job of the landlord. The pros of buying are you can build up equity and generate long term wealth. The cons for renting are you will have to follow what they landlord requires and rent increases are not always the same every year. The cons to buys are you will incur other expenses such as property take and homeowners insurance. The question lies on your lifestyle to determine if which is better. There are people who recommend both, but you must decide what works for you. This current economic environment as created a scenario where your rent could be the same your mortgage payment. If you are looking for more information, please check out the Freddie Mac article down below.