Is It Always Better to Buy a Home Rather Than Rent?
Is it always better to purchase a home rather than rent? Well, it depends.
Here are a few things to consider if you’re thinking about buying a home.
What Are Your Future Plans?
Mathematically speaking, it is often cheaper over time to own a home rather than rent, but many factors are involved.
For instance, the “over time” part is important. If you’re bouncing around a lot, moving from one area of the state or country to another, you could end up losing money because turning over homes is a costly procedure. In your case, renting a home might make more sense.
Right now, I am surrounded by people who are called to move. They move constantly, staying in one area for only a short time before packing up and going to the next place. Following God’s leading as they are, would it be His best for them to buy a home and pin themselves down with a huge financial commitment?
What’s Your Cash Flow Like?
For a season in the United States, lots of people “qualified” for loans, but that didn’t necessarily mean they could support those loans over a long period of time.
Can You Bear the Emotional Weight of a Home?
That might seem like a bizarre question, but a house is an asset that needs to be maintained. If you purchase a home and something breaks, it’s up to you to fix it. It is your responsibility to make sure the house retains its value over the long haul—are you prepared to maintain an asset as big and expensive as a house?
Owning a home is a commitment. Maybe you’re in your 20s and you’re thinking it’s time to buy your first place. If this purchase makes sense mathematically, then perhaps you should do it. But before you do it, recognize the commitment involved and make sure you have the capacity to step into something this big.
If you’re married, you and your spouse should be in agreement concerning the home and the condition you would like to keep it in.
What Is God Saying to You?
To answer this question, I go back to my favorite reference in the world, my favorite piece of literature: the Bible. Does it make sense biblically for me to own a home? Do I have permission and the authority to move forward with this decision?
God wants us to prosper (Ps. 35:27; 3 John 1:2), but that does not automatically equal owning a home. So it’s important to get God out in front of this conversation. What is He doing with you right now? Where is He leading you?
Keep in mind that owning a home isn’t about whether or not you have His favor. It’s about His leadership and what He’s doing in your life. As He is the Lord, what does He think about all of this?
Going to God for Wisdom
James 1:5 says, “If any of you lacks wisdom, let him ask of God, who gives to all generously and without reproach, and it will be given to him.” If we lack wisdom, we know where to go.
If you’re having trouble making a decision about a home purchase, pray this prayer aloud:
Father, I receive Your generous wisdom, and I know You give it to me without reproach. I put Your wisdom on my shoulders like a mantle and into my heart like a treasure. And, God, I ask that I would do right in Your eyes and accomplish great things for Christ in my days on this planet. I pray these things in Jesus’ name. Amen.