Buy or Pass? The Real Estate Guide for Young Adults
Ever since he was little, Carlos knew what he truly wanted. A shared room with two big brothers was more than enough to make him verbalize such a bold statement at such a young age:
I don’t want a room of my own, I want a house of my own.
Things have changed quite a bit since then, and while young adults all around the US seems to be having a hard time understanding Real Estate, Carlos wants his own roof more than ever. The problem? All his friends say he should rent.
When renting is a good idea
When Carlos asked his friends why they consider renting a smart choice, they gave him several reasons.
- If you’re entering the job market, you might be subject to job-hopping. The freedom of going across the country without worrying about what to do with your house can be helpful. Still, Carlos knows he could also rent his house in case he needs to leave and hire a rental property manager to do the job for him.
- If you’re willing to invest in stocks and bonds while you’re renting, you could make a profit out of it instead of putting your money in insurance, maintenance, and property taxes. This is especially true for small business owners.
- You’re not that sure about what you want to do and you don’t want to make a long-term financial commitment. Still, Carlos thinks he can’t live his whole life avoiding big decisions.
When buying is a good idea
So when it was Carlos time to speak up, he came up with some strong arguments to why he should buy his dream house:
- Carlos knows home ownership aligns with his core values. He wants to provide a roof his family could have in the future. He knows home ownership costs are more predictable than renting, and he doesn’t want to change the Miami life for nothing. Also, he knows tough decisions make for good decisions because they are more rational.
- The idea of buying duplexes, triplexes, or quads seems an in-between choice that can garner some profits. Allowing Carlos to earn some passive income while retaining the ownership of his investment.
- Rent costs will most likely keep growing, and with little chance of predicting how much they will grow, some prefer to stick to planning and cost-efficient strategies.
While Carlos has made up his mind, there are still thousands of young adults wondering whether they should rent or buy. At the end of the day, it relies upon every individual and its life plan. If you want to know more or you want to contact us at The Coto Group, or follow or social media channels @TheCotoGroup to know more about Real Estate all over Key Biscayne.