To Buy Or To Rent?
To Buy Or To Rent?
Before you begin your house hunting, you need to ask yourself if you will buy your home or rent. Neither option is right or wrong - it’s all about what’s best for you and your current situation. Let’s discuss some of the pros and cons of renting a home versus owning.
To help you determine if you should buy or rent, there are some questions you need to ask yourself:
1) How long do you plan on living in this new home?
A year to a few, or forever? If you’re planning on a limited stay, it may be best to rent so you don’t have to bother with the extra hassles of purchasing a home. A benefit of owning a home is paying it off and really owning it. Renting will never result in ownership. If you purchased your home, you can make whatever changes you would like. When you rent, you must have changes approved, like painting the walls or changing the carpet.
2) What’s the cost of housing like where you live?
In big cities, it’s typically more cost efficient to rent a home than to buy. In addition, you don’t have to pay for repairs or maintenance when renting – it’s the landlord’s job. As a homeowner, you would need to pay for the extra costs of upkeep or repairs.
3) Do you like the option of getting up and moving whenever you’d like, or would you prefer to put down roots in one place?
This is a matter of mobility versus stability. Renting allows for more flexibility and less responsibility, whereas buying comes with added responsibility and a 30 year mortgage to pay off your one home.
4) What’s your financial situation like?
There are added costs to owning a home, and while you can plan for some, others are unexpected. Your home’s value could appreciate over time, but do not go into this with the mindset that your house is an investment. It is a large purchase. There are also tax deductions for homeownership come tax filing time, which should help a little with the costs.
5) Are you prepared to take on the added costs of owning a home?
Renting can be cheaper because there are no upfront or additional costs like a down payment, property taxes, interest, and home insurance. If something breaks down, it’s the homeowner’s job to pay the money to fix it, so having extra funds would be incredibly helpful.
If you’re questioning which option is best for you and would like more information on the home buying or renting process, contact a realtor for professional help. I am always available to discuss all your real estate questions or concerns.
I am a wife, a mom, a Grandma, a sister, a daughter and a Realtor. It is important to me to treat my clients as I would like my own family to be treated. I work ethically and honestly. My goal is a....