Renting vs. Buying a Home: What is the Best Option?
The question to rent or buy has been a daunting one that haunts even the most tenured of people. It can be difficult to decide what is best for you; especially when the option is now acceptable.
It used to be known that you rent until a certain age, then you buy a home. Now, you have the opportunity to customize your living experience in a way that works for you, your family, and your wallet.
To rent or to buy? The answer is up to the individual, and not one size fits all. So, here are some tips that can help you find the best option for you:
Renting is a great option for the individual who might not be sure exactly where they want to unpack and live just yet. It offers little responsibility and major flexibility. Sink broken? Call your landlord. Need to cut out of a lease to embark on a new adventure in a new city? Simply cancel your lease. Need help fixing something in the bathroom? No worries, your leasing office has a maintenance worker on standby.
However, while renting might seem like an ideal option, you do not have many opportunities financially. Your money goes directly into the hands of another person, and you can’t really invest in the home you are renting. While you’re not necessarily “throwing your money away” you definitely are not investing in a home that you could eventually make a profit from down the road.
On the flip side, when you rent, you know exactly what is to be expected out of pocket each month. You can decide to leave whenever you want with little to no penalties (besides maybe a lease cancelation fee), and most times, you don’t have to worry about expenses for maintenance issues.
Renting is perfect for the person who might not be ready to own a home yet, or just wants to live a life without dealing with homeowners’ issues. It’s up to you if renting is right for you, and for some people, they are perfectly happy with this route. There is nothing to be ashamed about being a renter by any means; it’s up to the individual to decide if this is something that will work best for them in the long run.
Owning a home brings incredible opportunities such as security, investments, and stability. The overall cost of becoming a homeowner tends to be higher than renting, and while you have a home to call your own, it also comes with the maintenance of the home itself.
A pipe bursts? You’re on your own. You get a new job and have to move to another city? You’re in charge of selling your home. Your grass is too long, and the homeowner’s association just fined you? That’s on you.
Of course, with anything, there are pros and cons. The pro of owning a home is that you are investing in an asset; it is yours! The potential to completely transform your home and then resell it is huge and provides an opportunity for revenue.
You might be better off financially by renting, but with owning you have the ability to renovate, belong to a community, and truly make this home the place you have always dreamed of. It’s hard to make a rental a home, but when you own your own property, it’s yours to create a designed space for you.
When it comes to renting or buying, each person is different. It’s up to you to decide what you feel most comfortable with; financially, mentally, and physically. Of course, BSR Realty Group is here to help you figure out the best option for you. Contact us today to get started on your renting OR buying journey today!