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Another common reason people give for renting versus buying is that buying a home is “too much of a financial commitment”.

It certainly is a financial commitment. But so is renting!

When you sign a lease, you’re committing to pay someone a certain amount, each month, for a period of time. There are penalties for breaking a lease or for not paying.

The argument is that a lease is a shorter term, and that you can get out of it usually within a few months to a year. It’d be the same with owning a house. If you want or need to move on, you can just sell it…usually within a few months to a year.

No matter how you cut it, having a place to live is a commitment. Each has pros and cons.

I can’t say which is better for you, but I’d be glad to help you figure it out if you have questions. Give me a call if you’d like to weigh the pros and cons of buying versus renting considering your current situation and future plans.

 

This content is not the product of the National Association of REALTORS®, and may not reflect NAR's viewpoint or position on these topics and NAR does not verify the accuracy of the content.