Renting Vs buying has always been the question. Some people think they have it figured out other still question it. There is more to be factored in the just mortgage payments and rent payments. Some people think that a rent payment is just paying someone else’s mortgage. That may be true but you also have to factor in other costs.
In most cases on paper buying my look like a better option for most people, but that isn’t always the case.
For renting, you pay less upfront, you don’t have to pay for repairs or maintenance. The less desirable part is you can’t actually change anything really without the landlords permission. You are at the landlords mercy if they want to raise the rent and it’s not stated in your contract that they can’t they might do that. If you are planning on staying long term there like 20 to 30 years you are better off just buying the place.
Buying a home, once it’s paid off it’s yours, Tax credits can off set some of the costs, and if you are there when your done paying off your mortgage you pay less on a month to month bases. The less attractive side is expensive upfront, or Mortgage percentage could go up.
So looking at this if you are retiring owning a house with a paid off mortgage is the better option. If you plan to move around a lot then renting is the cheaper option.
I imagine if you are looking into getting a house you have read time and time again experts saying buying is a bad investment. What they didn’t say is buying a house is a bad purchase. It really just depends on your life style and what stage of life you are in.