By Mckenna Underwood
Pros for Renting
- No maintenance- if you are renting a home, it is similar to living in an apartment. If something breaks, you just call someone else to fix it! Big pro for renting.
- Relocation- If you don’t plan on staying in one place for a long period of time, renting is the way to go. This allows you to relocate much easier than buying a house would.
- No depreciation- The housing market changes overtime and you are never guaranteed that the value of your house will increase. When you’re renting, you don’t have to worry about that!
Cons for Renting
- Increasing monthly rent- Unlike buying a home, your monthly payments can fluctuate.
- You can’t build equity- When you rent a home, you aren’t building equity for any future home buying.
- No tax benefits- Home owners can deduct their housing expenses from their taxes, whereas renters cannot.
Pros for Buying
- Your home will be an investment- In addition to building equity, having tax benefits, and having fixed monthly payments, when you buy a home, you are investing in that property. You can have that home for future children or rent it out and generate a separate income.
- You have a community- When you buy a home, you become a permanent part of a community. You get to know your neighbors and the area around you.
Decorating- You have the ability to decorate and change as you please. Want to remodel? You can do it!
Cons for Buying
- Property taxes- You have lots of expenses when buying a house and property taxes is one of those. Something to consider when buying a house.
- Maintenance- You have to pay to have everything in your house fixed. (You also have to mow your own lawn…unless you live in a condo!)
- Closing costs- There are bank origination fees, real estate transfer taxes, Realtor commission, etc. A rule of thumb is to stay in your property at least five years.
Deciding whether to buy or rent a house can be overwhelming. It depends on the lifestyle you have and the lifestyle you want to have. At Dewdrop’s event this Saturday, #HouseCrush, you can learn more about owning real estate and seeing whether or not it’s right for you, from our founder and Realtor, Kristine Thomas. Come out and learn more about house hunting and also pick up some new home décor, while you’re there!
What are your thoughts? Are you a renter or a buyer and why?