Renting VS Buying a Home

For new homeowners or people who need to move there is always one big question; Rent or buy? There is a lot to consider when it comes to home ownership. For some it might seem easier and cheaper to just rent a home. While others want the stability and pride that being a homeowner can bring. In this post we hope to give you some insight into the advantages of both and how they compare to each other so you can make an informed decision.

Advantages of Buying a Home

• The ownership is mostly permanent
• You can build equity and potentially get tax deductions
• You own the property and have the flexibility to make alterations as you wish
• Repairs and maintenance are done by professionals you choose to hire 
• The pride of ownership
• It’s the gateway to having your dream home
• You can rent out parts of the property if you need more income
• You don’t have to worry about rent spikes

Advantages of Renting a Home

• Monthly expenses are predictable
• You can move whenever your lease is up so you have more freedom
• Less responsibilities when it comes to maintenance 
• Typically cheaper than owning a home

These are the main differences between the two. While home ownership can be quite daunting and much more expensive, it is well worth the trouble if you can afford it.  However renting is always a viable option for those not quite ready to make the commitment. There are also situations where you can temporarily rent a home to decide if it’s the right place for you. If you’re moving to a new area it might be good to rent a space for a while until you’ve decided that this is the space to start your future. A big factor to consider is whether or not you are ready to settle down. Those who like to have the option to move around or may not have found the permanent job might still desire to rent until they have reached that point.  

Whether you choose to rent or own, remember to find yourself a good realtor to help you find the best space for you and your family and always expect better. 

The Hartman Team

For more information on the financial benefits of owning a home visit this site:

https://www.investopedia.com/articles/personal-finance/083115/renting-vs-owning-home-pros-and-cons.asp