The big push has been homeownership. You hear it on the television, the radio, and see it in print ad all touting that you should be a home owner. I have heard from people looking to lease that they felt pressured to purchase instead of leasing because they had kids. This pressure came from family, friends, and yes, all the advertising. Sometimes though, it’s not the best idea to purchase and leasing (or renting) is the best bet.
The one thing that people need to understand is that homeownership is a long term investment. If you don’t have plans to be in the home, or own the home, longterm (5 years or less), then you may seriously want to consider leasing. If you plan on living in or owning the home for 5 years or longer, then home ownership may be the thing for you to look into.
Are you a spreadsheet person? Jeff loves to create these types of items to help people see the pros and cons before making a big decision. Part of the spreadsheets are cost analysis. When doing a spreadsheet for renting vs. buying you need to take into consideration the appreciation for the area as well as many other different factors. I know when Jeff and I purchased our home we purchased with an eye for reselling but with the plans that we would live here forever, the longterm.
So want to know more about what you need to think about renting vs. buying? Visit Ilyce Glink’s article on this topic to learn more about what you should take into consideration when making this big decision. Do not step into it lightly nor ever feel pressured. What may be right for someone, may not be right for you and your family so always look at all factors to make the best decision you can with the information available.
