Renting versus buying: how to decide

If you are looking for a new place to live, and it can’t be your mom’s basement anymore, you’ve basically got two choices:

If you can save up the cash for a down payment and you think you can find a lender who will loan you the rest of the purchase price, you then have the opportunity to become a gladiator in the colosseum of real estate.

But if that doesn’t fit you, well, you can find a place to rent

FOX 5 real estate expert John Adams joined Good Day to break down your options.

When it comes to buying vs renting, Adams says it comes down to knowing what your options are, then deciding which of your options is right for you. There really is no right or wrong.

It depends on your personal financial situation and what you want in terms of a place to live.

(Image by ErikaWittlieb from Pixabay)

Here are some of the factors that will influence your final decision:

1. Financial - Can you afford a down payment and get approved for a loan?

2. Responsibility - As a homeowner, you have an ongoing commitment to keep up and repair your house.

3. Flexibility - How long before you may want to move?

4. Location - Right now it's cheaper to rent then buy in Atlanta, but it depends on where you want to live.

5. Touchstones of your life - Are you married and ready to settle down or single and mobile?

So, after all these considerations, is it better to rent a place to live or to plow money into a house you own month after month for the next 30 years?

Adams has many times told the Good Day Atlanta family that, for most Americans, owning their own home is usually one of the best investments they will ever make. That’s his opinion.

But that doesn’t make it the right choice for you!

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