Should you rent or buy? It’s a big question that we all have to ask at one point or another. There are, of course, benefits to both options and the best answer for you ultimately depends on your own personal situation.
To help you make the right decision, we are going to look at both the pros and cons of renting and buying a house. When you are weighing up the pros and cons of both options, think about your own personal preferences, lifestyle, available budget, and both long- and short-term plans.
Let’s get started with our look at renting vs. buying!
Pros and Cons of Renting
Renting gives you greater flexibility and freedom than homeownership. If necessary, it’s easier to make a move to a new location (especially if you have a month-to-month lease). There is also far less responsibility in terms of maintaining the property compared to ownership, as it is the landlord’s responsibility to carry out repairs and maintenance.
One con of being a renter is that the landlord can increase the rent at any time, which can put an additional financial burden on your shoulders. In some instances, you may not be able to afford the increase and have to look for a new place to rent. It’s also not possible to build equity as a renter, which would be the case if you are the owner of the property.
You also won’t be able to make any changes to the property you are renting without the landlord’s approval. This makes it more difficult to make a property feel like home.
Pros and Cons of Buying
Buying is a big investment, but there are so many benefits. As the owners, you will have that amazing feeling of stability and pride. You’ll also have complete freedom to renovate and redecorate as you see fit.
Many landlords don’t allow pets on their properties, so if you are an animal lover, you’ll love owning your own home and making your own rules. There are also tax benefits to owning a property and the chance to earn money on it by renting it out.
Compared to renting, owning a home does come with more responsibility. You’ll have to oversee and pay for maintenance and repairs. If you like moving around a lot, ownership will not give you the same flexibility as renting.
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Should You Rent or Buy a Home?
The bottom line is that both renting and buying are excellent options. As noted in the introduction, it’s important to think about your current situation and future plans to find the most suitable option for you and for your family.
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Also published on Medium.
