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To Rent or To Buy: That is the Question

To Rent or To Buy: That is the Question

rent vs buyYour college years and the years right after are full of changes—new friends, new jobs, new habits, new classes, even new places! While you’re juggling all the stress of schoolwork, a job, having a social life and not getting enough sleep, the last thing you should have to worry about is where to live. The team members at CTBest are huge fans of renting and have a few reasons for students and graduates why it’s best to rent instead of buy during these formative years.

1. What Five-Year Plan?

Most interviewers will ask you candidates where they see themselves in five years. Of course, it’s best to answer honestly with your goals and keep those in mind to have something to work toward, but how often do those plans actually pan out?

In college and after college, you never know where you might find yourself next. You get to experience growth and find out who you are, and that could mean transferring schools to study in a desired field, moving for an unbelievable job opportunity or any other reason. If your career is likely to change or it just doesn’t make sense for you to forgo the flexibility of renting, then it’s best not to tie yourself down to a house quite yet.

2. Being Too Busy to Breathe

If this sounds like you, it may not be time to take the responsibility of maintaining a home. Most days, you hardly find yourself at home, have a mile-long checklist and your brain feels completely swamped with information, to-do’s, appointments and so on.

This fast-paced lifestyle is common for most college students and post-grads, so don’t pressure yourself into needing a permanent place of your own. Homeownership comes with many benefits, but one benefit it does not come with is 24/7 maintenance, like the apartment communities at CTBest.

If you own a home, it is your responsibility to fix everything or have it fixed. That includes cleaning your gutters, mowing your lawn and dealing with plumbing problems. So if your schedule is too packed to give you a minute to consider this, then it probably isn’t time to buy a home.

3. Little Savings, Big Financial Burden

If you’re just starting out after school and you’re working and beginning to save up, then it’s not the right time to buy. Where renting usually only has a standard, fixed monthly payment, homeownership comes with lots of extra fees, including real estate taxes, down payments, closing costs, maintenance costs and more.

You may be ready for this responsibility one day, but only consider owning a home and paying for all of this yourself if you’re certain in your savings account.

Your apartment may not be under your ownership, but you can still love where you’re living. CTBest has apartment complexes in some of Connecticut’s most exciting cities and each community offers excellent amenities, 24/7 maintenance and easy online bill pay. To learn more about the diverse selection of floor plans and communities CTBest has available, call Desiree at 203-223-1665 or visit www.CTBestApts.com.

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