Is it Better to Rent or Buy a House in 2020?
Buying a house in 2020 can be a daunting task since it’s a huge investment that sometimes requires a mortgage. On the other hand, renting a home comes with lots of freedom and flexibility. It’s challenging to decide whether to rent or buy a home since both have pros and cons. Renting or purchasing a home requires that you analyze your financial capacity, and once you have evaluated where you aspire to be, you can make an informed decision on whether to rent or buy a home.
However, before you settle on one of the options, it would be better to analyze both sides of the coin.
Why Renting is Better
Renting allows flexibility since you won’t be confined to a particular home or neighborhood, and you can relocate anytime you see fit. The flexible nature of rental homes allows you to change your lifestyle. If you are working to buy a home, or you need to decipher the neighborhood that suits your lifestyle, the rental option might be ideal for you. Besides, if you are a landlord, and you need to rent a house, property managers come highly recommended by nomadic real estate agents since you get a detailed rental price analysis for the property. As a tenant, finding an affordable rental home close to your workstation is a feasible option as opposed to buying the property.
Renting might be cheaper in the Long Run
Buying a house comes with lots of expenses, and the cost of renting can be lower than owning the home. It’s advisable to own a house for five years or more to get a significant return on your investment.
Why Buying a Home is the Better Option
It’s every Americans dream to own their home since it comes with pride and satisfaction. However, owning a home comes with extra maintenance costs; therefore, you should consider this before you resort to buying one.
You own the property.
Owning your home can be a long and tedious process, but the feeling of owning the property cannot be measured. This is your home, and you don’t have to seek the landlord’s approval when you need anything done to your home. You can renovate the house the way you see fit and have as many pets as you want.
Both buying and renting a home has valid points, and your decision will depend on your financial ability. Buying a home requires a substantial financial commitment, but it’s quite rewarding. However, you shouldn’t buy a house just because everyone is buying it. A home can be a great asset since you will get higher returns, but you should know that you are not obligated to satisfy anyone. However, the discussion on the better option between renting or buying a house has no right or wrong answer. 2020 is a tough year considering the global pandemic and the severe financial market. Based on your preference and lifestyle, you can choose to live in either a rental home or buy a home that fits your budget.