Every adult has probably asked whether it is better to rent or buy a house, and here we’ll discuss the pros and cons of renting or buying a home. As a realtor, I have a lot of good info to look at both sides of the argument, and notice the pros and cons of each, and believe me when I tell you there are pros and cons to both. Let’s get to the point – here is an overview of the reasons to rent and the reasons to buy a home.
Reasons to Rent a Home
When it comes to renting a home, some good points are working in favor of renting a home, but there are also some downsides. Now, it all comes to your needs in the moment, so here we list the reasons in favor of renting a house:
- It can be cheaper to rent a house when interest rates are high like they are now
- It is easier to move to a new city or area when you rent a home
- It does not come with maintenance obligations
- Depending on where you live, it might help you to build your credit and improve your credit score
The downsides to renting a home are as follows:
- You can’t paint or remodel many parts of the home
- You don’t get the option to accumulate wealth in the form of home equity
- You don’t own anything, even though you are paying a monthly cost
Reasons to Own a Home
Even though buying a home involves higher initial costs, it usually is a more lucrative decision in the long run. Here are the reasons in favor of owning a home:
- You get to own a more considerable portion of your home with every mortgage payment
- You get creative control over the property: you can renovate, paint, and redecorate at will
- You get to accumulate wealth and get tax deductions
- When you pay off a large portion of your home, you can refinance your mortgage and use the money as you see fit
- You get maintenance obligations and choices, and you can fix stuff yourself without having to report them to the homeowner’s association
Now, there are downsides related to owning a home, like:
- You don’t have the freedom to move without selling your home
- You need a higher initial investment to purchase a home
Well, there you have it, guys, a short outline of the main reasons for owning a home vs. renting a home. However, the actual decision is up to you, but you can always contact me for info and advice on the pros and cons of buying a home in Langley, White Rock or elsewhere.