Section 10.5 Should You Rent or Buy?
Should you buy your own place, or should you rent? Before you yell out “buy” because of society bias, this question often requires more thought.
Subsection 10.5.1 Personal Preferences
Keep in mind the time and money it takes to keep up a property. Do you have time to mow a lawn every week? Can you keep a rainy-day fund to pay for appliances that break? Do you want to paint your property’s rooms every so often? Whether you rent or own can dictate how much time you need to spend up keeping your property. Many people do not want to deal with upkeep and purposely rent spaces that allow for more time away from chores. Some people who are intent on buying their housing but do not want to handle upkeep personally choose to buy condos. On the other hand, many enjoy these kinds of chores and see them as a benefit of owning their housing.
Will your housing be the right place for you ten years from now? What about when your retired and having trouble getting around? A very common practice is for retirees to move away from their housing where they raised families and into smaller one-story units. Getting up and down stairs can be a real challenge in old age. Some also worry about what will happen after they die. Some choose to rent places to avoid the messiness of what will happen to their owned homes after they die. Keep in mind that it can take time to buy and sell property. You want to think about where you and your family will be in the coming years and have a space that is good for you and allows for needed flexibility.
Access to amenities is crucial. Housing closer to city centers is more expensive than in rural areas. This makes apartment-living the more likely option if you want to live in a downtown area of a bustling city.
