Buying vs Renting: How to Know What’s Right For You
Making the decision on whether you will be buying or renting your home can be an absolute headache. There are many pros and cons to each method of obtaining for a home. It used to be assumed that renting was more costly and a less secure option, but renting rose 2.3% in 2016 according to Contactually. So how do you know which is the best option for you? It really depends on which attributes matter most to you. Here are a few things to consider when making your decision.
When it comes to home repairs, whether you are buying or selling makes a huge difference. When renting your home, fixing something big can be as easy as placing a call to your landlord. They will come to you, fix the problem and depending on your lease terms, you may or may not be charged a maintenance fee. When you are a home owner, it is all on you. From diagnosing the problem, to materials and labor, it can be a lot to handle. You can try to be cost effective and complete the repairs on your own. If that’s not a route you are comfortable with, you can call someone to fix the problem as well. Either way, the costs could potentially add up quickly depending on how major the repair is.
A great perk to home ownership is simply the fact that you do not have a landlord. yes, they fix things, but they are also the final authority as well. When you are the owner, the rules are all set by you. Do you want three dogs? No problem. You won’t even have to pay a pet deposit or monthly pet fee. Pet deposits are typically between $100 and $500 per pet. If you are an animal lover, that can add up quickly. Being the one in charge also means that you get to make the decisions regarding landscaping and home improvements. That makes the house truly a customizable experience. Put as much personality in it as you want because there is no one to tell you otherwise. (Except for your HOA committee, of course!)
Each method has its own high costs associated with it. When renting, you are responsible for pet and security deposits, as well as fronting first and last month’s rent. If you don’t leave the residence in the exact condition that you found it, you can expect to kiss that security deposit goodbye. Unless you qualify for a specific program, buying a home will require some type of down payment. On that note, be sure to do some research and see if you qualify for any assistance. Any help you can get when buying will prove to be helpful the further into the process you get.
No matter which option you choose, having a place to call your own is a rewarding feeling. It is a life accomplishment to be proud of. The important thing is to ensure that you are making the decision that works out best for your lifestyle. Have fun, be happy and make it yours!