It’s the age-old question when it comes to looking at property: should you rent or buy it? It’s quite a heavy decision that can have lasting impacts for years to come. Like anything in life, there are pros and cons to each option, so in this blog, we’re going to try to help walk you through your thought process. Hopefully your decision will be a little easier to make once you finish reading!
When deciding whether to rent or buy, it’s important to weigh the benefits and the drawbacks of each option. Thankfully, both options are quite enticing! The best upside of renting is its flexibility. If you’re a frequent mover, renting is most definitely your best bet, as you don’t have to worry about signing any long-term agreements. Additionally, most landlords will include maintenance, heating, electric and/or water in the rent, which means you don’t have to put aside money for extra bills. Renting definitely provides you the flexibility that buying doesn’t!
When it comes to buying property, the most appealing factor is actually owning it and building equity for yourself. In building that equity, you may reap certain tax benefits as a homeowner, and the value of your property will likely rise over time. There is also a greater sense of homeliness and security living on a piece of land that you can call your own. Owning property can feel quite exhilarating!
As appealing as each option seems, it’s important to consider their downsides. As flexible as renting may be, you’re also limited in some areas by your landlord. You can only do so much to customize your living space, and your landlord can raise rent whenever they see fit. Not to mention a nasty landlord can make your life much more difficult than it needs to be. Generally speaking, there is relatively little, if any, feeling of stability when renting property over buying it. There aren’t many things you can control.
Owning property is a dream for many, but some fail to realize how massive of an undertaking it really is. Yes, it’s your property, but that means you’re responsible for everything that happens to it. If something needs fixing, the repair costs will come directly out of your pocket. On top of that, you’ll also have to pay a property tax, and your land’s value could plummet just as easily as it could skyrocket. If you want to buy property, you need to fully commit to your decision and understand everything that comes along with it.
So, should you rent or buy your property? It ultimately comes down to your personal preferences, your situation in life, and how you envision your future. If you’re young and not ready to commit to anything long term, renting is probably your best option. If you’re looking to settle down and really want a piece of land in your name, you should seriously consider buying. Like we said, each option has their perks and disadvantages, so the decision is ultimately yours to make after weighing the options.
If you need advice from a real estate professional on how to proceed, feel free to contact David DiPetro today! DiPetro and his team are more than happy to help guide you through this painstaking process.