It seems like there will never be a clear winner when it comes to the age old question – is it safer to buy or should an individual rent? The reason why there will never be an universal answer is simply for the fact that we all have different ambitions in life. On a previous entry I highlighted variables that are rarely discussed when this conversation comes up.
The following should now be considered, especially by millennials when making the decision to buy or rent:
Regardless your choice, having a savings plan is crucial in both scenarios. A renter would need to start investing as soon as possible to ensure they have long term savings to complement their fixed income later on in life. The buyer will need to have access to an emergency account if they are ever laid off and need additional support to make theirmortgage payments.
Everyone should consider their options before they make the big leap.