Once we hit adulthood we all seem to ask the same questions about life such as marriage, finances, and of course home ownership. Today’s quality of life is very different from what use to be, is it still the best to buy or should you rent? Let’s look at a few of the Glows and Grows of home ownership, true values, and rental property living that assists us in our next move.
They say that the workforce of today is nothing like the workforce of our parents and grandparents. It is with the average adult in today’s society only staying with companies for five years, it is a no-brainer that one would want to weight their options before committing to a 30-year contract. With the many job options that are available today, buying a home may not be the best option. So, renting is the best option for them on the move millennial still making career decisions.
One of the upsides to buying a home is the possible equity that can be a real asset to your finances. Equity, the difference between the current prices of the properties in your area and the amount the owner still owes on the mortgage. In many cases the longer you hold on to the home the more equity builds as you pay down on your home loan, the difference becomes yours in equity. This equity can be used as lines of credit that can give your startup goals a real foundation. So, ownership may be an asset when it comes to long-term financial longevity.
Okay, so it all comes down to the cost of mortgage versus the cost of renting. What is cheaper? This all boils down to the number on the determinate in our society, the keys to the past, present, and future …your credit score. It is the score that ranging from the 300s to 800s that determine the interest rate and is the difference in paying over 200K in the same goods and services as someone with great credit. In essence, the cost of renting becomes higher or lower depending on credit your credit score, so please pay those bills on time, 200k is on the line!
The main reason that couples get married then buy a house stands for the symbol of unity and financial stability. To that end, if you are a married couple that plans to have children in the near future and you want to give your children and family the stability that most experts say is needed to flourish, then homeownership should be considered. Homeownership gives you the power to know that you can’t be removed from your home for non-financial reasons. Homeownership gives your family the stability needed to help kids have a continuous education and build lasting friendships. Homeownership creates a bond between family and community that helps to build generational wealth and neutralizes buy-out, that is a win for the future.
In the end, the cost efficiency and effectiveness depend on your personal or in some cases your family. It is in your best interest to consider your career path and mobility, an area of choice, convenience to your lifestyle, and in the end what you want.
To answer that age-old question about the pros and cons of pricing for renting or homeownership seem to neutralize based on that one answer, which is … you. Whatever your true desires are whether it’s renting a home or buying your own, GO AFTER IT!
Written By: Sabreen Shabazz-Straker, Modern Domestic, Staff Writer