Buying vs Renting

The Pros and Cons of Renting

You’ve probably had your fair share of apartment living and maybe you are trying to decide if you want to keep renting or invest in a home.  It can be a tough decision and there is not one right answer for every person. There are many things to consider which will help you make your decision a little bit easier. Think about a few of these things when you’re trying to decide if you want to make the jump to home ownership. Here are a few pros and cons of renting.

Freedom to Move

When you rent an apartment you will sign a lease, but once that lease terminates or allows for it, you have the freedom to stay or move. This is great for people who like to switch it up, change their scenery, or move to a completely new city or state. If you are someone who likes options and likes to be on the move, renting is definitely your best friend. When you own a house it’s harder to pick up everything and start over without worrying about selling your current home and finding a new one.  Renting allows you the freedom to move wherever you’d like whenever you choose.

Investing in Your Future

When you own a home, it is an investment. That land and piece of property becomes part of your worth financially and can be used to grow an initial investment over a period of time. Many people see increases on their houses value fairly quickly, so it is a great way to build your portfolio and invest in your future. It’s important to calculate how much a mortgage will cost versus a monthly rent because sometimes a mortgage could cost less depending on the market. Make the most of your money by doing your research and calculating a few numbers.

Maintenance and Other Miscellaneous

One of the big pros of renting is that almost everything that could go wrong within your walls is covered. Everything from electrical appliances, plumbing, yard maintenance and a lot in between is covered by the manager or owner of the building or property.  When you encounter a problem, you just have to make a quick phone call and it will be taken care of for you.  If you are someone who does not like doing yardwork or little handy tasks here and there, renting will be a great option for you.

Decorating and Other Options

When you own a home, you can do anything to it that you want. Structural changes, kitchen overhauls, and everything in between is up to your imagination. When you rent a space, you are limited by your security deposit and the parameters of the rental. It is harder to change up your space’s look when renting. If you are someone who loves to get creative and renovate your space, renting may not be the best option for your lifestyle.