Let’s Talk About – Renting vs. Buying a Home

To Rent or Buy, that is the question…

Home ownership is a huge part of the American dream. Choosing to buy or rent, though, is a major decision that affects your financial health, your lifestyle, and your personal goals. Shelter is a necessity and whether to buy or rent that shelter has many pros and cons that should be considered. No matter which direction you choose, income is a necessity. You are committing to a monthly payment obligation, and it is generally not possible to qualify as a renter or a purchaser without a sufficient and stable income.

“Shelter is a necessity and whether to buy or rent that shelter has many pros and cons that should be considered.”

Why Rent?

Renting offers the flexibility to move around more frequently as most leases are set at twelve months, so you are not stuck with a long-term commitment. Along with the flexibility, however, the landlord also has the freedom to raise the rent or even sell the property between leases which may force you to move even when you may not be ready. Renting, however, generally relieves you of all maintenance and repair responsibilities. When there is a plumbing problem, for example, it is the landlord’s responsibility, and you don’t have to bear the expense or duty of taking care of it. The cost of maintenance is a key reason some do not want to become homeowners.

Why Buy?

A major advantage to owning your own home is it gives you the opportunity to build wealth. While there are no guarantees, history has proven that through market appreciation and the opportunity to build equity over time, homeownership can be a vehicle for increasing wealth. The greatest advantage to homeownership, however, may very well be the stability it provides to stay in one place long-term and the opportunity to build a life within a community.

Pros & Cons

There are pros and cons to each decision. Renting does not mean you are throwing your money away every month and owning does not guarantee you’ll build wealth in the long run. The deciding factor really lies in your own personal lifestyle choice and your financial situation. Check out this list of some of the pros and cons to consider.

Here for you

As your Realtor, I can help you examine your options now or in the future. Also, if you know of someone looking to make a move, I welcome the opportunity to assist them as well! I look forward to hearing from you!

All my best,

Rhiannon