Everyone says owning is better than renting, but is it worth it to buy a house if we only want to live there for a few years?
If you are committed to staying in an area for three or more years, buying is almost always a good option. Even if it’s not your dream house or an ideal area, owning enables you to build equity for a down payment on a more fabulous home in the future.
However, if you’re only going to stay in the area for a year or two, you’re probably better off renting. Why? The in and out transaction costs of buying- closing and broker fees, mortgage costs- can really add up (easily more than 10 percent!) If you sell one home and buy another in a short amount of time, you might find yourself paying more in transaction costs than a whole year’s worth of rent. If that could be the case, hold off on buying until you find a place where you see yourself being happy for at least a few years.
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