On today’s episode I compare and contrast about how do you know when it is appropriate to rent versus when it is appropriate to buy.
When thinking in terms of buying, you have to think about if you are committed to staying in one place for at least five years. If so, then it may be more feasible to buy. There are also many responsibilities when it comes to owning a home so you have to ask yourself if you are ready for that responsibility. Lastly, when it comes to owning a home, you have to think about if you are ready to make financial sacrifices in order to get ready for your down payment. That may include less vacations or less eating out.
Likewise, when it comes to renting, there are a few questions you need to ask yourself. Do you want to continue to travel or do you want to stay in one area? Renting provides flexibility – do you want to be able to work remotely? Are you saving for a home? How will you be saving? Are you able to sustain the cost of renting?
All in all, at the end of the day, you have to do what is right for your budget and financial situation. What is it that you want and can afford?
IN THIS EPISODE, WE COVER:
• Questions to ask yourself when thinking of buying
• Questions to ask yourself when thinking of renting
LINKS AND RESOURCES MENTIONED IN THIS EPISODE:
• Be sure to check out episode 126 where I chat with you about the five questions to ask yourself before buying a home.
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