Home Size1,693 sqft
Days on Market60
Should You Rent or Purchase a Home?
- Real Estate Tips
- April 22, 2021
In this day and age, there are many advantages to renting and owning a home. But, there are disadvantages as well! The answer to this question isn’t so cut and dry. Every person has a unique situation, and there are pros and cons of both to consider.
What are the Advantages to Owning a Home?
1. Building Equity
2. No Landlord to Make Your Decisions or Rely on for Repairs
4. Tax Benefits
5. Your Home is Yours to Customize
The biggest advantage to owning a home is the ability to build equity. As the housing market changes, owning a home could be advantageous!
What are the Disadvantages to Owning a Home?
1. Could Lose Money if the Home Value in the Area Declines
2. You are Responsible for Repairs and Maintenance
3. Extra Expenses like HOA fees, Utility Costs, ETC
The average cost of owning a home will depend on your area and the current state of the housing market. Depending on your situation, you may find that renting is cheaper than owning a home. If you are interested in calculating the cost of renting versus owning, check out this calculator here.
What are the Advantages to Renting a Place?
1. More Freedom to go Where You Please
2. No Mortgage to Tie You Down
3. Not Responsible for Repairs or Maintenance
4. No Property Tax
For many renters, the biggest advantage is the freedom to end your lease and move! Owning a home offers much less freedom. If you do not plan on staying in the area for more than five years, it can be cheaper to rent a place.
What are the Disadvantages to Renting?
1. You Will Not Build Equity
2. Your Rent Prices Can Increase Without Warning
3. Your Landlord Can Neglect Your Repairs or Maintenance
5. Less Stability