Deciding whether to lease or purchase a house can be tough. It really depends on your needs and your financial situation. Here are some things to consider when making this important decision.
If you are in temporary living circumstances and won’t be in the same place for at least five years, buying isn’t the best option. In this case, you’re better off leasing your home. Buying might save you money in the long run, but leasing a house is normally cheaper in the short term.
If you are planning to stay in your house for a while, though, you need to think about purchasing. In many areas of the country, purchasing is actually cheaper once you get a down payment saved up. You can often get the same amount of house for a lower monthly payment. The main advantage of purchasing is that you’re building up some home equity.
A house is no longer the best investment for your life, as it once was. Still, putting your money into something you can sell and get some money out of is better than dumping money into a lease for many people. If you decide to buy a home, look at the market carefully. Make sure you can afford the house that you get and that your payment is going to be affordable for your current income, and in case of any financial problems in the future.