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Renting Vs Buying: The Benefits To Homeownership

Owning a home offers many benefits but may not be for everyone! Buying a home is 5-10 times more expensive than renting a home initially. That being said, your financial situation will determine if you are ready to buy a home or not. Another driving factor is how long you are planning on staying. Renting is a better option for you If you are not planning on staying in a specific area for long. A lease lasts for about a year and it is not guaranteed that you can renew the lease once the lease is up. Buying a house is more permanent and is a better option if you are trying to settle down. You will also begin building equity and making up costs once you live in the home you own for at least 3 years. Buying and renting both have their upsides and drawbacks. An individual should look over their situation and living preferences before deciding whether buying or renting is the best option for them.

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