The age-old question of are you better off renting or buying the house you’re living in couldn’t be more relevant today. In our modern world, there are pros and cons to both renting and buying your own homes. Just like everything else in life, both of these real estate acts come with a catch. So before you make your big decision, let’s find out if you’re better off simply renting or just buying the homes of your dreams!
Why is Renting the Right Move for You?
If you’re someone who’s getting started with your career or if you’re a young couple who are slowly saving up for your future families, then renting might be the right choice for you. Bear in mind that there are always exceptions since some people are young professionals, but they’re ready to take the leap, and there are young couples who want to buy their future family home, so it depends. However, this is the case for most people.
There are pros and cons to renting versus buying your home, and these are simply some of them:
- There is more freedom with renting since you can basically sign a lease and then simply move out when your lease is up. There’s nothing permanently tying you to a property, and some people just love the liberty that that brings.
- If you’re not handy, then you can simply tell your landlord about that leak in your pipe or that your heater busted, then they’ll probably just fix it for you.
- Nowadays, travel has gotten very accessible to all of us, so if you want to travel for most of the year, renting is possibly your best bet since you don’t need to maintain your property.
- However, renting is very unstable—your landlord can hike up the price of your rent anytime that they want, so that pretty much sucks for the renters.
- There are no tax benefits to renting a house, and this rented house can’t be an asset in the long run. You’re basically spending your money for nothing.
If you think that renting is for you, great, we fully support that. There are a lot of great properties out there that are available for rent. However, we must always remember that renting is not permanent, and our landlords can make or break our lease!
Why is Buying the Perfect Move for You?
Although, if you’re someone who’s been wanting to take the leap and buy your own homes, then what’s in it for you? Just like renting, buying has its ups and downs too, and here are some of them:
- Maintaining a house is no joke! There are bills to pay, you’ll have to hire contractors, and you’re going to have to do all the work that your landlords used to do for you.
- Yes, you’re not paying rent every single month, but you have to remember that property taxes can either go up or down. This is not something that most potential homeowners think about when going for their first purchase, so they tend to get shocked when they find out about it.
- While buying a house may sound a bit more hectic than renting, it is one of the best investments you can ever give yourself.
- There are tax benefits to buying a property, and you can even deduct your mortgage interest payment! Not only that, but you can also build equity while you’re paying off your loan.
- The freedom owning a house can give someone is incomparable; yes, you may be tied to one property, but this property is yours, and you can do any renovations or whatever you want in it as long as you’re the owner!
Before you decide, read through all these pros and cons, and maybe do further research. Stepping into the real estate scene is no joke, and it’s something that you should think about since you’re investing a portion of your money into it.
Thankfully, there are real estate agents like Ryan King Team | Keller Williams Realty who can help and guide you every step of the way. If you or someone you know is looking for Chattanooga homes for sale, don’t hesitate to call us at +1 (423) 595 7958. We’d love to walk you through the process of buying your first property!
For more information, you can check out our website by clicking here.
