Having a home to turn the moments one spends with family and friends into memories is one of the biggest dreams.
The choice of buying or renting is the real challenge which stands in the way. There are many important deciding factors in this decision of buying or renting a home. Financial status, lifestyle, personal goals and plans are among those aspects. The complexities of financial status, the process of buying or renting and keeping up with payments are also a burden.
Before setting foot on one option let us discuss the pros and cons of both to help you make the right decision.
Pros of buying a home:
“Owning a home is a keystone of wealth…both financial affluence and emotional security.” Suze Orman
Becoming a homeowner is the ultimate goal of everyone who is financially independent. Owning a home not only gives you the security of having a roof but also brings a source of happiness for your family. Homeowners tend to have full control over their property. Modify your space according to your liking. The home not only adds to equity but also provides financial benefits from rising home values. You are generating wealth through home equity. You also end up forming long-lasting connections with the community. Better social standing and h5er ties with the local community makes a pleasant environment to live in. It won’t be wrong to say that investing in something that is truly yours is worth it.
Cons of buying a home:
As pleasing as it sounds, owning a home comes with a lot of complexities. Dealing in today’s competitive market can leave you stressed. Unless you are connected with the best realtor, this quest of finding your dream home can be very time-consuming and nerve-wracking. Let’s say you finally crossed all those hurdles and end up having your own home; the expenses of repairs, renovation, property taxes, mortgage and insurance will hit.
Pros of renting a home:
If you are not ready to settle down yet then renting out a home is probably the best option for you. There is no limitation, you can move to a new place whenever you like. You will also be free of all the responsibilities of maintenance expenses, mortgage, insurance and taxes. What a relief!
Cons of renting a home:
Renting can be a relief from a lot of expenses but it also comes with some cons. The place you are residing is not your home. Doesn’t it sound terrifying? The roof over your head is in someone else’s control. Your rent can be increased and you cannot argue about it. You might not like the backyard or old-fashioned kitchen cabinets but you can’t make changes to them. You have to live under your landlord’s terms.
The decision of renting or owning a home is not a simple task. To make an informed decision you need to consider various factors. Finances, investment plans, family needs and personal goals are a few.
First things first, get connected with a trusted realtor in your area to help you through the process. Without an expert in this field, you will end up wasting your time and money. So, communicate your needs and preferences to a real estate agent to make an effective choice.