Buying a home is a milestone that many people look forward to, but renting can also have its perks. Here are some of the best things about each option to help you make your decision.
The Case for Renting
The biggest benefit if renting is that it's a short-term, fixed contract. You will know exactly how much money is coming out of your paycheck each month for housing expenses. There won't be the surprise of having a huge maintenance bill sneak up on you. You are guaranteed housing in that location for the duration of your rental contract (aka lease).
If you are uncertain about staying long term in your location, renting gives you the opportunity to experience a location without being tied to it. If you think you might stay long term in your current city, renting could also be a way to scope out different neighborhoods for a year at a time. You could also get the joy of experiencing a pricier neighborhood while only committing to paying a year of high rent.
The Case for Buying
Of course, buying is favored among many people, and there are several reasons why. Your monthly payments may be higher and more variable, but that money is going towards an asset that you directly own. That's compared to renting, where you're probably helping pay off someone else's mortgage.
Looking for homes for sale also helps to guarantee your housing costs more long term. If you have seen rent prices go up consistently in your area over the past few years, it's probably a good idea to lock in a place to live so that you'll know how much you will pay in the long run. Otherwise, you may get priced out of your area by gentrification. And if you opt for new home construction, you can get many of the benefits of having a well-made home that's free of maintenance issues, and you'll be able to design your new home to be exactly as you like it.
There is also a greater freedom in owning your own living space. You are free to paint the walls whatever color you like. You don't have restrictions about renting out parts of the home or subletting the entire place. You are free to look into the future at add-ons that you might want to make, such as adding a fireplace or a jacuzzi, without wasting money by adding those features to someone else's property. And you don't risk being evicted by landlords who decide to do something else with the property. It's at least worth it to see what homes for sale are available in your price range and compare them to the costs of being a long term renter.
For more information, contact a business such as Mirabella.
Share28 February 2017
Apartment living can be a trial sometimes. Even the best apartment complexes can have problems, such as noisy neighbors. I experienced this firsthand with my newest neighbors. Between their partying and trashy existence, I was ready to go crazy. Late one night when they were being particularly noisy, I started researching my rights as a tenant. I found out I did not have to live with their inconsiderate behavior. As a public service, I decided to help others through this blog with their neighbor problems. Whether you are dealing with a landlord that will not do any repairs or bad neighbors, I can help.