Life is full of decision-making opportunities, and few are more important or complex than deciding the best route in selecting your home. A multitude of options abound. In analyzing your options, developing and following a process will begin to weed out what you shouldn't do and help focus on the proper path.
Renting vs. Buying may be a largely financial decision, but realistically it is finding out what is right for your situation at a specific time in your life. For instance, do you need a single-family home, a multiple-family home or even a modular home? Remember that all of these can be owned so you must delve deeper into the process.
Keep in mind if you feel you gain an advantage by renting, you may be giving up something by not owning. Renters don't have the long-term investment opportunity; are limited in what you can do to improve the property; as a renter you don't have control in scheduling repairs and maintenance.
It is extremely important to access your particular situation, your needs, your lifestyle and your financial situation...and make the best decision for you. There is no one solution that is the universal "right" thing to do. Do your research, consider all the consequences-the emotional, financial and personal impact-then make your decision for the right reasons.
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