70% since the 1950s. Most young people begin their independent lives renting an apartment, maximizing lifestyle flexibility, and minimizing the hefty upfront costs associated with purchasing a home. As they build careers, save money, and start families, many choose to buy a home, recognizing that homeownership, as opposed to rental living, is more appropriate to their growing family needs. Their needs might be better filled in a single-family house, a condominium, a townhouse, or a duplex of their own. At the other end of the age spectrum are homeowners nearing retirement who may desire to sell their homes, downsize, avoid the maintenance and other obligations of homeownership, and go back to renting. NOTE: If you are currently renting and you intend to purchase a new home before your lease expires, you need to check with your landlord to find out whether they will allow you to break your lease early. I can’t tell you how many buyers I have worked with who tell me they won’t have a problem and they are sure they can get out of their lease early only to find out they can’t. We have even entered into contracts to purchase a home only to have to break the contract (fortunately the 5-day attorney approval period had not expired so they didn’t end up in breach of contract). This is a critical step before even going out to look at homes.
WHICH IS BEST?
Is it better to rent or buy a home? Most adults ask themselves this at some point as they form their goals and plan for the years ahead. Before you answer the question, here are some things to ask yourself. Owning and renting each have its advantages, but what’s best for you depends on your circumstances. Before I get into all the pros and cons of renting vs. buying I just want to add a point based on things I hear over and over again
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