Renting A Home Compared To Purchasing A Home

Relocating

One of the major determinants of whether renting or buying is the best option for a consumer is their expected time at the location. For those thinking about putting down roots and staying at a steady job in the area for the long-haul, it can be a good idea to consider investing in buying a home. In the long run, this may wind up being cheaper. Knowing one is working towards owning a home also comes with an added degree of security and comfort. However, for those who only plan to live in an area for a short period, or who are unsure of their future, renting a home might be far more convenient. Arranging to buy a home requires a major commitment of time and money, and for those planning on relocating every few years, it is often simply not worth it to go through the process. Moreover, it can also take considerable time and effort to sell, leading to further hassles for each move.

Continue reading to learn how equity building comes into the equation.