Buy Or Rent? Consult The Chart

The choice of buying or renting varies depending on the situation, and Business Insider created a 12-point chart that helps break down the decision for you.

For instance, if you’re low on savings, have average or poor credit, or intend on moving within the next five years, perhaps renting is the best option for you. If you want to put down roots and build wealth, you should consider buying a home.

Of course, each side has its risks. Renters could be stuck with rising rents and sudden moves, while homeowners are on the hook for maintenance repairs and property taxes.

A house is also a big commitment of both your time and money. If someone asks why you want to buy a house and your first answer is something along the lines of "Because I'm wasting money on rent" or "Because it's a good investment," you might not be mentally prepared for all the responsibilities that come with home ownership and should consider continuing to rent.

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