Buying a Home vs Renting

One may ask, which one is better, buying a home or renting? There is no single answer to this question. Both of them have their pros and cons. To make a better decision, evaluate your current condition, advantages, and disadvantages of them, and then you will make a bright choice for the ongoing phase of your life.

1) How much money do you have in total?

If you pay 99% of your savings in the house, you might find yourself sitting in a space with fewer opportunities. If you lose a job for a while, you will be in big trouble, unable to pay bills, buy groceries, etc. You should always leave enough savings for exceptional cases. If you have enough for the house and additionally, you can have extra money, it would be an excellent choice to buy your home. So, if you are financially ready, go to the next question.

2) What do you do for a living?

Do you have a startup business that still needs quite more to blossom? In this case, spending hundreds of thousands of dollars in a house might not be the right decision. Instead, it's a good idea to invest the money in your business to let it go further. The money you own right now could be a valuable investment. But if you have a stable monthly income, you are looking for a private space for yourself, and you don't have any business purposes, it's a great decision to buy a home. The home will bring you comfort, warmth, freedom of creativity, and a sense of stability.

3) Do you like stability?

Hey, are you a young individual who can't stay at the same workplace for a long time? You are still in the phase of explorations, challenges, traveling, having fun - don't buy a home yet. Contrarily, if you know that you found your dream job, you live in your dream state, and you are not going to relocate - you are ready for stability, and you should buy your home.

To sum up, discover your current position in life, ask lots of questions, do analysis, and you will get the right answers. Only you can sense your emotions and tell yourself how you feel about life, stability, and comfort.