If you find yourself having a mental conundrum on the topic of renting vs. buying property, we are here to help clear up the confusion and minimize your stress. While both purchasing and renting a home can feel daunting and overwhelming, there are some key pros and cons you can take the time to consider which will greatly demystify the decision-making. Read on to learn more about the pros and cons of home buying.
Pro: Lifestyle freedom
When you are renting a property, you have to live in accordance with the landlord’s rules and regulations. When you buy your home, you can have large parties, grill fests, and as many animals as you want, without having to ask for anyone’s permission.
Con: Limited flexibility
If you are renting and you suddenly get laid off or realize you can’t stand your apartment building anymore, you can get out of there as soon as your lease agreement allows. When you buy a home, you won’t be able to slip out of there as easily and quickly.
Pro: Predictable payments
Unlike renting, home buying goes hand-in-hand with a set payment schedule. When you are a tenant, you are vulnerable to rent hikes that may end up too high for you to afford.
Con: Goodbye to amenities
If you are renting an apartment in a building with a gym, a rec room, and a pool, you may have to bid adieu to all those fancy and convenient features when you purchase your home.
Pro: Green light on customization
When you are renting, you can only change so many things about your apartment without getting in trouble with the landlord. When you buy a home though, you can break down walls, change the paint colors, swap out the flooring, and more, without so much as batting an eye.
Con: Unexpected expenses
While your monthly payments may be predictable, you may find yourself with costly repairs that you wouldn’t have expected. If there is an issue with your plumbing or some type of structural damage, you are the one that has to take care of it, instead of a landlord.
At the end of the day, making the choice to buy a home or rent a place is a significant decision that requires a lot of serious consideration. We hope these pros and cons have set you on the path towards making up your mind. Best of luck in your search!