For many young professionals there is nothing more exciting than the prospect of buying your first home, but should you? Well let’s take a look at it.
When you enter into your residency chances are that you are not in the same city where you studied medicine. If that is the case you will need to find new housing. Before you decide on whether to rent or buy I want you to ask yourself some questions.
- Am I planning on putting down roots and building my practice in this location?
- Am I ready to invest my money (now that I have some) into a hard asset?
Depending on how you answer these questions will help in determining whether buying or renting is a good choice for you. Now like all things there are no clear cut answers. Of course other factors that come into play but we will not address those here. I want to keep it simple.
If your answer was yes to both than you may want to take the leap and find a suitable home. However if your answer was no or unclear then perhaps renting is the best option for you. The reason being is that you don’t want to be tied down to a location, in which you may have to worry about selling, when the time comes to move. Remember that renting may be a good option for savings especially at this time. You can always invest in property at a later time when you have a more solid plan of action. So its really up to you.
Hopefully, this will help you begin asking yourself the questions about housing that need to be asked and whatever your decision is make it an informed one.