What are the pros and cons of buying a house or renting one?
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What are the pros and cons of buying a house or renting one?
At some point you’re going to have retire, and if you think you’re struggling to afford to live with a job, imagine how hard it will be to live without a job. If you don’t have a paid off house around the time you retire, you better prepare for a very meager existence. My parents both have paid off houses and they still live meager lives and they have pensions which most younger people today won’t be getting. So, you have to put the future into consideration when making such decisions.
This will vary by individual. My decision to buy came because the rising market meant rents were rising to the level I could be paying on a home mortgage. I was making quite a bit of excess each month, my debt ratio was low, I had improved my credit to a reasonable level and wanted to not pay some ridiculous amount per month in rent when I could potentially put that money to work for me. My first step back then was to consult a lender and real estate agent.