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Midlife Money Reflections

To Rent or Buy – a Midlife Perspective

by Jason Appel, Financial Planning Specialist at Chartered Wealth Solutions


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Kim Potgieter

Kim Potgieter

March 25, 2024
Deciding between renting or buying a home is a significant decision. While buying is probably the most expensive and largest investment you will make in your lifetime, the view that renting only benefits someone else’s bond repayments overlooks that home ownership might not suit everyone’s financial strategy or lifestyle preferences.

Financial goals: Does renting or buying align better with your financial goals?
Market conditions: Have you considered the cost implications?
Lifestyle: How may your lifestyle influence your decision to rent or buy?
Future uncertainties: Could any life changes affect your decision?
Family: Will changes in your family (children leaving home; elderly parents moving in) impact your decision?
Seeking Advice: There is no one-size-fits-all answer. Both options have merits: homeownership brings stability and potential future equity, while renting might suit you better if you’re anticipating future moves, want flexibility, are getting acquainted with a new area, or expect changes in your family dynamics. A financial planner who understands your holistic needs can help you navigate this decision in the context of your life plan, age, future plans, and financial plan.

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