Pros and Cons to Renting a Home
There is much debate as to whether or not you should buy or rent your home, and in reality, there is no right or wrong answer. It all depends on who you are, your financial situation, and a million other factors. It is a big decision, and it is vital to have all of the positives and negatives before committing to something. Take the information you have collected and ask yourself important questions to help further any conclusions.
When renting a home, you are not responsible for any of the maintenance or repairs. It is hard to expect the unexpected in a home you may be unfamiliar with, and you would not have the pressure of fixing it yourself. Double-check your contract befo
If you are the type that does not like settling down in one spot, it is much easier to pack up your bags and get out. This is an excellent thing to consider, especially if you are a wanderer. Leases can get lengthy if you are not attentive and particular with the contract, but you also do not have to worry about the stress of selling your space. Once you move, you can leave your landlord with the weight of finding a new tenant and disappear without any troubles.
There are a lot of hidden out-of-pocket costs when purchasing a home, including interest, property taxes, multiple different insurances, principal, and more. While rental prices tend to be much less than a mortgage payment, potentially saving you hundreds of dollars each year. Not to mention owning a home ties you to these costs for a long time.
Renting your home gives you a lot less room for creativity. You can forget about remodeling and personalizing the space to your tasting. So any ugly carpets, walls, ceiling fans, or even blinds will have to learn to stay. It will take the landlord some convincing for any upgrades, and as you help pay for its cost, it only allows your landlord to raise the price for the next renter.
You are ultimately helping the landlord pay his mortgage and taxes, not to mention he has the ability to sell his property at any time. This could potentially be a significant inconvenience for some.
Not to mention, with buying a home, your housing costs can be solved with a fixed-rate mortgage, but with renting, your rent will probably grow annually. Which means your costs are much more unpredictable and unstable.
There is pride in owning a home, and renting may not offer that satisfaction. You have more privacy and stronger relationships or ties with the community.
Renting and buying will always hold these pros and cons, no matter what you choose. It is essential to lay down your requirements and what your future holds for you to better this burning question of should I rent or buy a house?