Renting vs Buying - Weighing the Pros and Cons

To Buy or Rent?



To Buy or Rent?

For many, the decision as to whether to rent or buy a home is an easy one. Many people simply know that they want to own their next home. Many people know that they want to be in control of every decision about their property and they want to own their property. Other people know that they want to rent for a variety of reasons. They know they won't live in an area very long or don't need a place for much more than a year and don't want to go through the hassles of owning. Many people know that they just simply enjoy living in an apartment or that they're saving to make a down payment on a house. Then there are those who don't know whether they want to rent or buy. They are caught in the middle and don't know whether they are going to make the leap to homeownership or whether they're just simply more comfortable living in a piece of rental property.

The Benefits of Buying Real Estate

Owning real estate has several major benefits. The first is that when you make payments to your mortgage company, you are essentially paying into collateral on your home. You'll eventually get some of that money back, hopefully, as long as your property maintains or increases in value. Another major benefit is the satisfaction of knowing that you're in charge of your home. You no longer have to seek anyone's approval if you want to change things or redecorate your home.

Now, if you want to make exterior changes, you often have to consult your local city offices to make sure it's okay. The other benefit is that if you live in the property long enough, you eventually won't have to make any payments on the property. If you have a 20 or 30 year loan on your home, once you make 20 or 30 years worth of payments, you own the title to the property outright and no longer have to pay anyone (other than annual property taxes) to live there.

The Benefits of Renting Real Estate

There are several major benefits of renting real estate. The first and perhaps biggest benefit is that whenever you have to leave the home and move out, you won't have to go through the hassle of putting the home up for sale and waiting until someone buys. You can simply end your lease and leave.

Another benefit of renting property is if you are someone who will only be living in the area for a short period of time. You don't have to go through buying and selling the property, you simply can sign a short lease, live there and move out-no questions asked. 

A third major benefit of renting property is convenience. If you rent property, as opposed to owning it, typically the owner is responsible for keeping up the inside and the outside of the home. If you have problems with appliances or don't want to cut the grass each week, the owner of the property will take care of it and you won't have to think about it.

Conclusion

Making the decision to rent or buy is an important one and you'll need to think long-term in order to determine which is better for you. Once you make that decision you can then move on with finding the perfect place to live. Before you eventually decide to go on Google and do a search for “townhomes for rent near me” make sure you look at both sides of the coin before you make your decision.

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