There is no right or wrong answer when it comes to whether someone should rent or buy a home. When making a decision of moving into a new space, renting and buying may come into play and there are important factors to contemplate when deciding. Both renting and buying have some benefits depending on a person’s personal preference. For longevity it is best to consider purchasing a home becoming a homeowner. Here are a few pros and cons of renting versus buying.
Renting
With renting whether it is an apartment or renting a house you do not get as much freedom. When renting you have a landlord and there are rules with what you can and cannot do with the property. Another downside to renting is the rent increase. Typically when you rent you know your set price for the year which helps you budget better. However once that year is up rent prices are known to increase drastically. A pro to renting are maintenance issues. Rental properties if a maintenance issue occurs typically they have professionals in place to handle your maintenance issues for you at no additional cost. Another pro to renting is the freedom to move as you choose. Once your lease is up you have the option to renew the lease and stay or venture out to possibly purchase a home.
Owning
Owning a home is a huge milestone in adulthood. With owning a home comes stability, you get to choose your home that you plan to live in for a while at a cost that is beneficial to you. With home owning comes tax deductions, a benefit that helps people when filing their taxes. These deductions happen because of the loan that is placed on your home, you get mortgage interest deductions, property tax deductions, home equity loan deductions, and other deductions as well. Everyone’s favorite part of homeownership is making your home your own. You have the freedom to do as you please when becoming a homeowner. Love different colors of paint? You can paint it!
