By L R Lindsay
Some decisions are tough to make. Others, like sink versus swim, are a bit easier. One dilemma that gets a lot of attention is whether to buy or rent real estate. Real estate offers plenty of options for each, and there are arguments to be made on both sides.
But when you sit down and objectively weigh the alternatives, the choice is clear. And while everyone's situation is different, a look at the pros and cons should convince you to buy your next home and leave renting for bowling shoes and carpet cleaners.
An Equitable Decision
If someone asked you whether you wanted to spend hundreds of dollars every month to make either yourself richer or a complete stranger, you'd probably laugh uncontrollably and then pick the former. So why is it any different with real estate? Renters would do well to ask themselves that question before sending the next cheque to their landlord.
Quite simply, it's the difference between paying down your own mortgage while building your equity, and doing it for someone else. Philanthropy is noble, but when it comes to securing your future, charity really does begin at home. And that's no laughing matter.
King (or Queen) of your Castle
One of the great things about getting your own place is the freedom to do what you want with it. When you lived at home, mom and dad probably balked at the thought of you knocking out a wall or ripping up the floors.
Naturally, you expect things to change when you're independent, but the reality can be a rude awakening for renters of real estate. Tenants are often shocked to learn that mom and dad haven't gone anywhere; they've just changed their name to "landlord". And if the residence owner won't let you renovate, you're out of luck.
In contrast, buying a home entitles you to change whatever you want, whenever you want. You can paint, carpet and customize to your heart's content when you purchase real estate. Some location are full of skilled craftspeople and decorators who can help you create your ideal living space, but renters who hope to do the same might as well move back home. That way you can spend more of your disposable income on entertainment and, if you play your cards right, less time doing laundry.
Able to be Stable
They say "the only constant is change", so THEY must be renters. Nothing gives a sense of permanence and stability like owning real estate. Home buyers will attest to the feeling of security that comes from having a place of your own where you can live for as long as you like with no fears of rent increases or evictions around the next corner.
Sure, interest rates can rise. But at least you can lock in and know that nothing will change for the next five years, and that your landlord won't sell the house out from under you at a moment's notice. Besides, "home ownership" has a great ring to it, but "home renter-ship"? Please.
Unlike socks and mitts, there's no such thing as a one size fits all piece of real estate. Residents need to evaluate their own resources and priorities to decide what's best for them. All else being equal though, it just makes sense to focus less on whether you should own or rent and more on where, when and what to purchase for your next home.
And after all that, if someone still tries to make the argument that renting is the way to go, don't buy it.
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