Buying a home is complicated. Before sealing the deal, buyers have to consider their credit scores, make sure they have the money for a down payment, decide on a mortgage, consider how long they plan on being in a location, and so on and so forth. On the other hand, renting a home takes away the majority of the hassle — and the chance to build wealth.
So when does it make sense to rent instead of buying a home and vice versa?
We sat down with financial planning adviser Michael Guillemette, who gave us plenty to consider.