There are always a few factors you must consider when making this choice. Renting and buying both put forth a number of pros and cons, and your situation financially is usually the most important element.
general consensus has always been rather mixed when it comes to renting or
buying a house. Today, I’m here to shed some light on the topic by giving the
pros and cons of one of the two categories unbiasedly.
Pros and Cons of Renting
Despite the argument of not being able to build equity, renting provides you the most flexibility, very suitable to those who are on a month-to-month lease.
No Maintenance Is Required. If there is a small leak or blockage, getting maintenance is as simple as calling the superintendent.
It’s Much Easier to Move Out. If you’re unhappy with your job, or seek to work somewhere comfortable, it is much easier to switch to a month-to-month lease than it is to sell your home.
You Can Avoid Owning an Undervalued Home. Even though home prices have stabilized, there is no guarantee that your home will increase in value over time.
As I stated before, I am going to look at this from a neutral standpoint, which means if there are pros, there will be cons as well.
Flexibility. I know it may sound like a contradiction to the pros, but let me elaborate. When I say flexibility, I’m speaking solely on the simple fact that you can’t remodel your rented home without the owner’s approval, general slice of life decorations will have to be discussed with your landlord.
Your monthly payments can rise. Yes, monthly rents have been rising in many cities, so it is possible to run into a monthly increase on your housing payment as soon as your current lease ends.
In Conclusion, I hope I was able to shed proper light on the important things you should know about renting a home, as opposed to buying one and you’re able to make a more confident decision, when you’re out looking for your home.