There were almost 1 million homes sold in October 2020 alone! With that being said, there are many renting vs. buying pros and cons that you should consider before making a big commitment to buy a house.
Buying vs. renting takes a lot of consideration, but don’t worry; we are here to help! We will lay out all of the pros and cons in this simple guide so you can make the best choice for your needs. Let’s get started!
Renting a home has many pros, first and foremost being freedom. With renting, you are not tied down to a lengthy mortgage, instead most leases are 6 to 18 months, which gives you the flexibility to move or change homes without the headache of selling your home.
Renting also takes pressure off of household repairs and buying new appliances. Most property managers will have a staff handle handiwork and major fixes like leaks or electrical issues in the rental property.
Additionally, you know exactly what your budget for rent will be for the year when you rent. You won’t need to worry about property taxes or HOA fees.
Although there are many pros, there are also cons to renting your home. Renters do not have the freedom to customize their living spaces to their exact desires. In many cases, renters also are limited to what they can and cannot do in their homes, such as owning a pet or smoking.
Additionally, when you rent, you are not building any equity, a major pro for buying vs. renting. Finally, you lose the sense of stability when you rent as the property owner could decide to sell at any time.
As we said, when you buy a home, you are building equity, which should be a major factor to consider when deciding between renting vs. buying a house. Your home should gain value over time, and you could receive big tax benefits for purchasing a home.
Owning a home also gives you the stability and freedom that you do not have when you rent. You are free to customize your living space to your liking, and you have a sense of permanence in your home.
When you own a home, the responsibility lies solely on you. That means that if there are repairs and maintenance, you are the one who will be taking care of the problems. In an ideal world, your home should increase in value; with that being said, there is always a chance that your home could go down in value over time, which makes it a tricky situation if you are wanting to sell.
Renting Vs. Buying Pros and Cons
These renting vs. buying pros and cons can help you make the decision that is best for you. There is no right or wrong time to buy; just remember to do what is right for your needs!
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