Owning a home is a dream that many Americans have and try to reach. But, while home ownership is a worthy goal and can be one of the best investments, it’s not perfect for everyone at all times. For many people, there are certain stages of their lives when renting a home makes more sense than owning one.
Should You Consider Renting A Home?
If you’re wondering whether renting a home is the better option for you, this article goes into some benefits of renting along with some downsides. We will look at factors to consider when choosing to rent or own, and these outlines can assist you in making the best decision for you at this time.
Benefit One: Less Expensive Upfront
In the long term, owning property is usually the better financial decision as you build equity, get tax benefits, and may even pay lower mortgage payments than you would with rent. However, at first, renting is cheaper.
While you will likely have to make a security deposit and first and last month’s rent, these fees are still significantly cheaper than a down payment and closing costs. While it’s sometimes possible to get a home with a low or zero down payment, it’s common to have to pay at least 20% down, which is a significant upfront cost. Many individuals just aren’t in a position to make a large down payment.
Benefit Two: You Don’t Have To Make The Repairs
Many people have dealt with a landlord who didn’t want to make timely repairs, but landlords are responsible for most of them. When you own the home, you have to make any fixes and upgrades yourself. If the home is older, these expenses add up quickly and could cost money you didn’t plan on spending.
Some common home repairs include:
- HVAC breakdowns or upgrades
- Replacing old appliances
- Weather-related issues like flooding
If you don’t want to be responsible for the upkeep of a property right now, renting might be better.
Benefit Three: Not Having To Pay Property Taxes
Paying taxes is never a fun experience, and property taxes can be incredibly steep. Depending on where you live, these rates can be high and often go up yearly. So, it’s a bit of a trade-off. There are financial benefits related to taxes if you own a property, as you could deduct your mortgage. However, this may not offset the cost of these tax breaks.
Benefit Four: More Flexibility
If you have a job where you move around a lot and anticipate you’ll be moving in the next couple of years, it might not be the right time to purchase a home. There are multiple factors to consider, but renting does make it easier to leave whenever you want. You likely have an apartment lease you have to stick to, but these are rarely more than a year. You can also break a lease fairly quickly if you can incur a few extra costs.
A few reasons people want the flexibility to rent include:
- Expecting to make a career or job change soon
- Thinking of going back to school
- Wanting to relocate soonto be closer to family
- Looking to downsize
- Moving to a bigger city where finding a home is much more difficult
If you own a home, selling can be a stressful process. Even in a seller’s market when it’s easy to find buyers, it can still take significant time and effort to complete the sale. So, if you want the flexibility to change your mind and have the freedom to move, renting is better and even more cost-effective.
Benefit Five: Possible Amenities
There are many types of properties on the market to rent. Some are entire homes or large condos, while others are apartments in large complexes. So, access to amenities varies greatly depending on the rental type. However, many apartment complexes or condos have perks like a pool, clubhouse, or workout area.
When To Consider Buying A Home
While purchasing a property does involve down payments, closing costs, and most likely a home loan, it’s often one of the best financial decisions you can make. If you are in a financial situation where you have the money or resources to qualify for a loan, you likely won’t regret it.
It’s true that you’ll have to deal with fluctuations in the housing market, and it is more expensive right now to purchase in many places. But, renters also deal with the changes in costs to the market. When home prices go up, monthly rent goes up, too. At least with owning a home, you have the security of knowing where you live and that your mortgage payments will stay consistent with the agreements of your loan.
Help Selling Your Current Home
If you’re currently looking to make a move, whether to a new home or to a rental, you might be looking for the fastest and easier way to sell your house. This is where Sell Your House Fast Las Vegas comes in.
There are many reasons that you might want to sell your property fast, such as debt, divorce, inheritance, or foreclosure troubles.
Regardless of the reason, the team at Sell Your House Fast Las Vegas will get you an excellent price for your property and often even cover the entire selling process. Give us a call or email us to learn more or get your cash offer today.
