Home ownership is at its lowest level since the mid-1960s. Between downsizing boomers and millennials loaded with student debt, the age-old argument of "rent versus buy" is back in a big way. Jimmy Rhoades and Homesmart’s John Doering are testing your personality to see if you should take the home buying plunge or remain agile and rent.
1. Are you a DIYer or a delegator?
As long as you're the kind of person that is willing to get in there and get your hands dirty, fix an outlet, patch a roof or do some landscaping, then purchasing it right for you. If that's not you, it's probably not the best idea to buy a house.
2. What part of the tree are you, the leaves or the roots?
Unlike roots, leaves blow in the wind and change with the seasons. It does it gives you a little more freedom because obviously when the lease is up, the lease is up. You can do whatever you want, but when you own a house the lease is never up unless you sell it.
3. Are you a saver or a splurger?
Your buyer is going to be somebody that's really goal oriented and going to want to have a certain amount of money by the time they're 62. They want to have path to doing that. In most places a mortgage payment will be less than a rent check so you can save more, and you're building equity in your home. The splurger is willing to pay more for the amenities offered by many apartments.
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