Don’t know whether to rent or buy? While there are many pros and cons to each, this guide will be a quick rundown explaining both sides, good and bad.
Buying Pros
Appreciating Value
Buying a home is one of the best investments you can have! Home values typically rise between 3.5% - 3.8% each year.
Rental Potential
By owning a home, you have the option to rent it out to tenants for an extra profit. This could be ideal for military members and/or their families who are moving.
Freedom
If you own a home, you are your own landlord. No one can tell you what you can or can not do with your home! Want to build a deck? Do it! Want to move the kitchen from one end of your home to another? Go for it!
No Lease to Violate
Privacy
Buying Cons
Maintenance Costs and Hassle
If your sink starts leaking, you’ll be responsible for calling a plumber, setting up a home visit, and paying the bill. When you rent, you can simply call your landlord and the problem is out of your hands.
Utility Costs
Appliance Purchases
Most rentals include appliances already. When you buy, you are responsible for picking out appliance sets, paying for them, and setting up the installation, whether you do it yourself or hire someone professionally.
Paying Interest
Owning a home = interest payments. If you rent, you only pay your rent each month.
Renting Pros
No Maintenance Costs or Worries
Utilities Included
Could include a pool, clubhouse, or other things you may not get with a house.
Less Overall Stress
Pay your bills, and that’s it! No maintenance to worry about, no lawn to mow!
Renting Cons
Rent Can be Costly and Overpriced
Especially in today’s market, many homes are over a dollar a square foot to rent. Not only would monthly mortgage payments be less, but that money you pay each month is actually going towards something, and that is your homeownership.
Possible Unruly Neighbors Under, Above, or Attached to You
