A lot of millienials are still trying to weigh between buying or renting a home. Accoring to the manager director of real estate company William Raveis NYC, Kathy Braddock, buying a home is an attractive option as the interest rates stay low. And with that said, a home buyer should never think of a house as a liquid asset. Kathy Braddock further emphasized that buying a home should be an investment viewed as a place for one and his family to live in. It should never be treated the way investments in the stock market are treated.
A home can regarded as a tangible investment that is a better option than renting, but it should never be viewed as an investment where one can earn a high return in a short span of time. While the interest rates are low, there really is no need to buy now. Several factors should also be considered. For example when you are in a place where your job is stable and your career does not require you to move around then buying a house is the wisest move.
On the hand, Karen advises that, "If you expect to move in the next three to five years, it's probably better to rent. Renting is also an option for those who are not yet financially ready to make a down payment If you think there is a slim chance you might need to relocate in the next several years, rent. Furthermore, renting is a sound option for those who are not financially ready to make a down payment. In conclusion, it is not always the cost or the price of a home that helps you determine if it's wise to buy or to rent. One should carefully way choices and other factors such as career and financial stability.
