A huge question nowadays among young people who are just moving out is whether you should rent or buy first. Well, this is a good questions, and there are advantages and disadvantages to both. You need to either rent or buy if you want to have your own place, but sometimes there is no definite right answer - it is more about the answer that is right for you as an individual at that time.

Renting.

When you rent, you are not buying the house - you are just paying to stay there. This means that you are subject to some landlord rules, but it also means that your landlord is responsible to keep the property up. If a new roof needs to be put on, that is an expense that the landlord must take care of. However, if your landlord’s policy is no pets, you cannot have pets in your home whether you want to or not. Renting is usually thought of as a low risk option because you can move whenever you want to. However, it can also be considered a waste of money. This is because while you are paying to stay there, the money is just going to the landlord, not into property that is yours.

Buying.

Buying is exactly the opposite of renting. When you buy with financing, you will be making monthly payments with interest, but you will be paying off a property that you can sell and get money for. So, in a way, you are paying yourself every time you make a payment. However, when you buy, you are the homeowner. This means that you are responsible for keeping your place in order. You need to arrange for repairs of damages, home improvement, upgrades, add-ons, etc., and pay the bill for them. But at the same time, it is YOUR property, so you make the rules and do as you wish… without anyone telling you what you can and cannot do.

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