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Renting and buying both have their advantages and disadvantages. In the current real estate market is it more advantageous to buy a home or a condo, or should you continue renting a house or an apartment. Right now, it is considered a buyer's market. A buyer's market is one that presents more homes for sale than there are buyers available to buy. Thus sellers will do almost anything to sell their home, especially if they are desperate to sell.
Some advantages of renting an apartment or home are that you are not locked into a long term obligation like being a homeowner with a 30 year mortgage, you don't have to worry about your property value depreciating, there is no need to worry about increases in property taxes and homeowners insurance, a rental is much easier to decide to up and move from than a home, and you normally don't have a lot of exterior maintenance to take care of when renting.
On the flip side of this there are also some disadvantages to renting instead of buying such as: all of your rental money is going to someone else and you are not building any equity in a rental, you are limited to what you are permitted to do to the property (painting, adding on, remodeling, etc...), you will have less privacy in a rental than owning a home under most circumstances, and you are at the mercy of your landlord.
Some advantages of owning a home are that you are making payments to build equity in your home, you have more freedom to do what you would like with your property (home improvements, remodeling, etc...), you have a place to call your own, a status symbol for some, and tax advantages that are not available to a renter.
Owning a home has it's disadvantages too, such as yard work, home maintenance and repairs, long term obligations, tax and insurance payments (that normally increase), responsibilities, and necessary improvements.
Thus, as you can see owning a home or renting a place of your own both have advantages and disadvantages. What is right for you truly depends on you, your family and your goals and dreams. Current market conditions may play a big role in your decision as well. For instance we are currently in a buyers market and many homes are being sold for under market value and/or are having extras thrown in as incentives to buy. These extras may include home warranties, cash, car leases, thousands of dollars in gift certificates to home improvement or furniture stores and much more.
Interest rates are still very low and all of these factors alone can make the current market conditions really worth considering buying a home versus renting. Therefore, make a list of pros and cons for you and your family on what would be best for all of you. If you intend to move within a year renting may be best for you as a short term solution, however, if you are planning on settling down somewhere you may want to look more into buying.
The author of this article, Dave Zwierecki, is the President of First Security Financial Service and has over 10 years of experience in the credit, mortgage lending, and home improvement fields. He is the owner of http://www.GoFirstSecurity.com and http://www.First-Time-Homebuyer-Site.com which are sites devoted to the education of consumers regarding real estate, mortgage, credit, and home improvement related material.