Should you buy a place to call home or rent? The answer varies based on many different factors.
Different locations or countries have laws and norms that affect which choice makes more sense. ... Rentals in some places come by default with furnishings. ... Some places structure the taxes to encourage home ownership. Taxes ...
Each choice has multiple options. For instance one "buy" option is to build a new structure... own something custom built instead of an existing structure.
Some things to consider:
- your savings
- your budget
- how long you expect to live someplace
- what's available
- your feelings
How much money do you have available now to spend on your home? ...
Will you be able to continue making payments? ...
Availability of Properties for PurchaseEdit
Even if you have the money and will be staying in the area... are there homes worth buying? Are you interested in building?...
Some people want to own the place they live; while it makes others feel "pinned down". ...
- the fivecentnickle.com on Buy vs. Rent: The Real Estate Dilemma (reviews some of the common reasons given for buying and some counter examples)
- Buying A Home vs Renting A Home on diffen.com
- Khan Academy on Renting vs. Buying a home (This is the first of a few lessons on renting versus buying. There are also other useful financial topics such as compound interest and home equity loans on the site.)