One of the most-asked questions in the real estate market this year is whether to rent or buy a home. While the answer will be different for everyone and every situation, there are a few pros and cons to each option.
Renting a Home:
Renting is often easier to enter as landlords typically require proof of income and a credit history. Additional documents such as tax returns may be needed to demonstrate financial stability. Initial payments like a security deposit and the first month’s rent are usually required before moving in. Maintenance and upkeep are generally handled by the landlord, with tenants submitting maintenance requests as outlined in the lease agreement.
Buying a Home:
One significant advantage of owning a home is that your monthly mortgage payments contribute to building equity, increasing the value of your property. Unlike renting, where payments solely cover occupancy, homeownership results in eventual full ownership of the property. However, homeowners are responsible for maintenance and repairs, which can be costly and unexpected. Expenses like repairing or replacing a broken water heater fall on the homeowner. Nevertheless, homeowners have the freedom to customize their property according to their preferences, covering the costs of alterations like painting or renovations themselves.
