Should I Rent or Buy a Home
Planning a change of address doesn’t come at an easy price. In fact, there are a million and one things you need to keep in mind, including a question you may ask yourself “Should I Rent or Buy A home?” Homeownership is the ultimate American dream, and many Americans believe it’s the right answer to the renting vs. buying debate. However, while buying a home is all well and good, the benefits of renting can’t be overlooked if you want to make the best decision. Given below are the benefits of renting and buying a home:
Benefits of renting
- Affordability. Many people, especially young families or those with single breadwinners, can’t afford the heavy initial investment that comes with homeownership. Renting a home is better in such a case as it requires less upfront cash.
- Less responsibility. Unlike homeowners, renters are not bound to pay the costs of fixing, repairing and maintaining the property. This is the responsibility of the landlord. Since you don’t have to pay repair and maintenance bills, you are able to make significant cash savings.
- Easier to move. A key advantage is that you have a short-time commitment, which means that you can move to another location if you want once the lease is up.
- Tax savings. As a renter, you don’t own the property, you are just leasing it. The home won’t be listed among your assets and you won’t have to shoulder the burden of paying real estate taxes, which can run to hefty amounts in some states.
- Access to basic amenities. The renter gets access to amenities that come with the property. If a rental property comes replete with comforts like a fitness centre or a swimming pool, they are able to enjoy these amenities for free, while a homeowner may have to pay dearly to avail these conveniences.
Benefits of buying
- Solid asset ownership. Buying a house gives you the assured ownership of a valuable asset. Homes typically increase in value, so you are likely increasing your equity. You acquire the freedom of making desirable changes and choices to the property for your ease and comfort. Moreover, ownership extends your safety net by giving you ownership of a fixed asset that will fetch solid value in times of financial crises or sudden emergencies.
- Lifelong investment. Buying a home is a one-time investment, which provides you with many long-run benefits that are included in the package from the get-go. Costs are more stable and the whole idea is based on the concept of a fixed-rate mortgage. The mortgage payment results in tax deduction which is a big attraction to the typical American today.
- Privacy and seclusion. Above all, you get the privacy you desire; you get the peace and pride that comes with “owning a place”.
When it comes to buying or renting a home, there’s no right or wrong answer. It depends on your unique circumstances and your situation in life. If you feel confident you can afford a home without compromising on other critical financial goals, go for it! But if you think you can’t afford the steep cost of homeownership, renting is also a viable option. The above pointers should certainly lead you in the right direction! If you are in a position to move and want to sell your current house, we are here to buy your house fast for cash. We are also able to help you find your next rental property or house. Just give us a call to discuss your needs at 855-66A-TEAM.