Is it a good idea to rent, or is it a better idea to get a mortgage?
Is it a good idea to rent, or is it a better idea to get a mortgage?
user
What do you mean by renting versus buying?
assistant
Ah, sorry, I wasn't clear. Yes, in terms of renting or buying an apartment.
user
Renting an apartment is definitely a much cheaper way to live, but it usually involves a lot of stress around knowing that you have to move when the lease expires. Buying an apartment is also a good option, but generally more expensive, and the downside is that you then have to worry about maintaining it.
assistant
Okay. Renting sounds like a better option. Isn't it more expensive in the long run, though?
user
It can be, but it can also make sense to rent as a young professional who is more likely to be in an apartment for only a few years, and then when you have more financial freedom you can buy an apartment.
assistant
That sounds good.
user
Yeah, I agree! Renting gives you more flexibility, and it's a good idea to move a lot in the beginning of your life, so you can really figure out what city or area you like the best.
assistant
Are most rentals only for a short period?
user
Well, short-term rentals are definitely a thing. There are some coworking spaces that are really only suitable for a few months, and that sort of thing. But for long-term rentals, where you plan to live for more than a year or two, most apartments are intended to be occupied for a longer period of time.
assistant
Are you talking about in the U.S, or more generally?
user