This question of whether to rent or buy is usually faced by everyone at some point in their life. It is also a question that has no clear answer. People that chose to rent have many reasons they prefer not to own a home. And vise versa, people that own a home will have many reasons why they chose to do so.
Usually people assume that purchasing a house is a step toward financial freedom, however, depending on the house you purchase, this may not be the case. More often than not, the annual costs that come with owning a home can be greater than what you would have paid in rent depending on the property you select. These additional costs that are overlooked include taxes, maintenance, insurance and interest. However, none of these reasons are to imply that owning a home is not a very good move financially.
If you only intend to stay in the home for a few years, the return investment might not be what you expect. For those with steady income and or plans to live in the house for several years, it can be a very profitable move. It usually takes about 8 years before a home becomes profitable. Another key factor, is purchasing a home that actually saves you money oppose to renting. After all, unless you are upgrading your living conditions, what good is it to move from a rental situation that is the same cost as the mortgage for your new home?
In the end, the ultimate decision of whether to rent or buy is dependent upon the individual’s circumstances related to many different things. The best thing is to consult a professional real estate agent and they will be able to guide you into the best decision for you and your family.