Depending on who you listen, you may get the idea that owning a home is the holy grail of personal achievement. After all, it is the epitome of the American Dream, right? With that said, we live in very dynamic times, and things have shifted around quite a lot since the old days.
As professional movers in Chicago, we have heard many people discuss this issue. Renting is much more prevalent in the big city after all, but the question of owning often pops up. So we figured we could take a brief look at it and see whether it makes sense to own a home, or to rent it instead. Of course, we are not financial professionals, so this isn’t any advice on the topic, just our two cents on some general considerations!
Consideration #1: How Dynamic Is Your Job Situation?
Many people consider owning to be the perfect choice for them, until they realize they are not so sure about their job. Will it be permanent? Will they want to move to a new place if a better offer pops up? Is it worth the investment to buy a home, which you will have to sell anyway?
If you are quite comfortable with where you live, and you don’t see yourself moving away from there, owning a home is a perfectly reasonable choice. However, it does lock you down, and it may end up as a money sponge. Don’t forget that selling a home may be a bad choice if you have not lived there long enough.
Consideration #2: Is It The Right Time?
If you are following the market, there are clearly situations when it is better to buy a home, and then again times, when it is not a good idea. Additionally, you may have your own personal details that may make the decision not so good of an option.
This is why it is important to not only look at home ownership as something strictly beneficial. In your particular situations, it can cause a lot of issues. Oftentimes renting can be the cheaper solution, which may be exactly what you need.
Consideration #3: Do You Prefer To Not Worry About Stuff?
As a home owner, you will have to take care of any repairs that may be necessary for you home. Also you will have to comply with a lot of regulations, which you may not even know now. This is why in this day and age many people prefer to not stress themselves with home ownership. Instead, they invest in the market and still make sure to have returns on their money.
However, if you are smart about it, home ownership can definitely come out cheaper and a good investment at that. If you buy at a good time, and can take care of most home issues (which you can easily do), then you will not have to worry about the viability of buying a home!