Before moving out, we all live with our parents, the question is always, should you buy a home or rent a home first, when you move out? That’s the question we’ll be answering today, with all the different scenarios for you to go through.
Renting gives flexibility, predictable monthly expenses, and someone handles your repairs
Home ownership brings benefits like equity growth, sense of stability, proud ownership, tax deductions.
Renting is not always throwing away your money, as you will be far more flexible and you can live nearby facilities that can be beneficial to you (for example 2 young tenants who live in my home).
Buying isn’t always the best choice either, because if you get a divorce, or when you are forced to sell the home by losing job or losing income. there are so many reasons for people not wanting to be hooked by a home.. when you want to travel the world, having a home is something you wouldn’t want to be paying for.
In the end, my advice is, if you know that you’ll have the same situation for the coming 6-7 years. Financially, family size, then buying a particular home is the best choice, but if you know that you won’t be staying at a certain place for a longer time, consider your freedom, and just rent.
