Mortgage rates are up, therefore home payments are up. Does it make sense to buy or should you rent? The answer is never as clear cut as you might think. Today I will sort through the issues and help you understand the best answer for you and your situation. One of the questions we get quite often is a variation of “should I rent or should I buy?” The person asking will usually fill us in on some of the details of their situation which means our recommendations are not always the same. I spent more than half of my life so far thinking that it is never better to rent - always better to buy and build that equity. About 15 years ago I realized I had never challenged that assumption, but it took me a couple of years to get around to devising a way to evaluate the options. Even then, I did it only for my own situation, but I will tell you this: once I took a clear minded look at what it was actually costing me to live in my very nice house, I sold it in pretty short order. I’ve been a renter ever since. I know it may surprise you to hear that the Flipping America guy is a renter. This is the sensible choice for me right now, both in terms of the financial realities I’m about to share with you AND a few of the intangible factors I will discuss today as well. The important conclusion for you today is not a one-size-fits-all correct answer. My aim is to help you make an informed decision - one that could change as your life goes on.
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