This is Mo’money at Napkin Finance.
Buddy of mine says to me the other day, hey man should I rent this apartment or should I buy this apartment? And I said well look, let’s break this down, do you want to be in this place for a long period of time? Yes or no. He says that I maybe, I said alright you should probably rent. I’m like do you think the value is gonna go up of this apartment, he’s like I’m not sure. Then you should probably rent. Are you good at fixing things? Like when a refrigerator goes out or an air conditioner, are you good at that or you’re not? Yeah, you should probably rent.
If you want to be held down to a place and you want to be involved in a community and you want to make improvements to a property then you want to buy.
Some Benefits of Buying
Some of the benefits of buying or you could probably get a low rate on a mortgage, you could take that as a deduction against your taxes but if you’re millennial or you’re like Mo’money and you like to hop around the world, than you should rent. In this way you don’t leave too many trails or too many things holding you down in life, so I’d say rent unless you can live somewhere for 10 years and then you probably want to buy.