Lately, I have been hearing people speak about their viewpoints on renting or owning a home. Typically, people have a negative viewpoint of renting. They feel as though their money is going into a black hole providing little or no value. To an extent that may be true, but a person must have some type of shelter to live, therefore rent does add value by providing... A PLACE TO LIVE! Don't get me wrong, renting without a plan can be detrimental but so can buying a home.
This year my wife and I have had some situations that cost large amounts of money and we are still in the first quarter of the year! We have taxes due ($$), some car issues ($$), and to top it off our main sewer line has a hole in it ($$$$$). To God be the glory, we are okay, but if you own a home guess who has to pay for the sewer line? YOU!
"Wise people live in wealth and luxury, but stupid people spend their money as fast as they get it."
Proverbs 21:20 (GNT)
Depending on what financial stage of life you are in (it doesn't matter your age) renting can be a better option for you. If you are trying to payoff consumer debt, build a 3 to 6 months emergency fund, or have moved to a new city renting for 1-3 years may be your best choice. When you have a 3-6 months emergency fund plus a down payment of 20% or more (including the one time payment of 100% down) buying a home may be best. In short, renting or owning a home can both be positives if you take an honest self assessment and make a wise decision based on your true financial situation.
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"Where you choose Faith over Fear for your Finances"
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