Is It Better to Rent or Buy

To rent or to buy, that is the question.

When deciding on renting or buying a home, you must always factor in finances, emotions, and personal preferences. This decision is one that can’t be entered into without detailed thought as this decision can change your overall quality of life.

Where Do You Want Live

The community that you choose to live in is more important than the home that you are looking to move into. In making this decision, consider your personality and your comfort zone. Are you the type of person who loves the big city and active night life, or do you prefer the safety and conformity of the more suburban neighborhoods? Most importantly, keep in mind that if you can only afford properties that are not in your preferential environment, you need to reconsider what you are willing to forgo.

What Amenities Can You Live Without?

When it comes to deciding on renting or buying, oftentimes renting can offer you a better variety of amenities over buying. How often can you find an affordable home with an Olympic-sized swimming pool, tennis court, basketball court, on-site gym, and a clubhouse? Realistically never! However there are quite a few affordable homes that come with a large private, outdoor area that you can customize to your specific liking. But on the flip side, there aren’t many apartments for rent that come with acres of land where you can do your own gardening and landscaping.

Are You Looking for Flexibility or Stability?

When deciding on purchasing or renting a home, you will need to know if it is a place you are planning on staying for years to come or if you are sure that you will not be staying for years to come. Renting allows you the flexibility to leave at a moment’s notice while paying a small fee to break your lease. When you own a home, that level of flexibility goes out the window. Regardless if you leave your home or not when you own it, the mortgage still has to be paid and the grass still needs to be cut.

Don’t Allow Anyone to Make This Decision For You

Regardless if you choose to buy or rent, the choice and level of responsibility will be up to you, and only you. As long as you can make the rent or mortgage payment you can live anywhere that you want to live. Take time out and think about what the best decision would be for you. Make sure that you are living in a neighborhood that allows you to sleep comfortably and worry-free at night. There is a lot of financial responsibility that comes with owning a home; however the sense of “living the American dream” and knowing that you own it is priceless.

Jessica Williams is Consolidated Credit’s Marketing Communications New Media Coordinator. As a member of the education team, Jessica focuses on helping consumers make better financial decisions while living debt-free. She has previously worked with Take Stock In Children, where she was a mentor and communications specialist, and SouthPromo.com, where she managed community relations, event planning, marketing, and public relations. Jessica attended both the University of Florida and the University of Central Florida where she received her B.S. in Interpersonal/Organizational Communications and Marketing. Connect with Jessica on Google+.