Trying to decide whether to rent or buy is an essential part of adulthood. Owning something, like a home or a car, is a wonderful feeling. Everybody wants to experience freedom like that. On the other hand, renting is often the best financial choice. These assessments could be surprising:
Nothing is wrong with buying a home, but could renting be a better alternative? This could be the case in a number of situations. For instance, let's say that you intend to move in the next year or so. Renting a home means that you do not have to maintain a long commitment. Skip buying if the housing market appears to be inflated, or if you are saving up for something better. Talk to your real estate attorney, such as Iannello Anderson, for more information.
You might have heard that paying for boats never ends, even after you have paid off the retail cost. Maintenance, repair, docking fees and other expenses pile up. If you are a casual boater, consider renting a boat instead.
You likely spend some money on movies, music and video games, but how often do you reuse these items? Do you spend $20 on a movie only to watch it once? Do you spend $60 on a video game and play it just once? In a situation like this, renting is bound to be your best bet.
What about sporting equipment, including scuba gear and jet skis? If you are not hitting the ocean each month, it is wise to rent rather than to purchase sporting goods. Plus, you will save money on storage and maintenance.
Did you know that you can rent high-end clothing online? This makes it easy and affordable to find a dress that you want to wear just once or twice. If you have an event coming up, this is the way to go.
Are you taking a college course but you discover that you just can't afford the textbooks required to take the course? Instead of buying books that cost upwards of $100 each, why not rent them? Numerous websites offer rentals at just a fraction of the cost.
Renting to own furniture requires you to continue paying each month, when it would be much more affordable to simply purchase lightly used furniture, including couches, washers, dryers and tables.
Whether you choose to rent or purchase these items, you should always do your research to ensure that you are getting the most bang for your buck.