Buying vs. Renting Your Next Home

One of humankind’s most basic needs is for shelter to keep us and our loved ones safe and comfortable. In order to meet this need you are faced with deciding whether to rent or purchase your next home. The lifestyle you desire should help you determine whether you really want to be a homeowner or prefer to be a tenant.

Home ownership is considered the American dream, but in some instances it can become more of a nightmare. Along with ownership comes routine maintenance that keeps your home functioning properly and safely. This can be moderately costly or very costly, depending on the condition of the house you purchase, and whether or not you can perform this maintenance yourself. Another consideration is the cosmetic condition of the house. Most people like for their home to look as attractive and updated as possible. Again many of these chores can be minor and handled by a do-it-your-selfer, but for repairs involving plumbing, electrical or structural items a professional will be required. As you can guess, this usually equals a substantial expenditure. Another important consideration in the buying vs. renting equation is where you actually want to live. If you want to live in a downtown area where there are restaurants and shops along with office buildings you may find that there aren’t too many free-standing homes available for ownership at a reasonable price. You will most likely find attractive apartments, condos and lofts to rent. There are more likely to be different types of homes to rent, allowing you to find one that fits your budget. The location of your home in relationship to your work location dictates the time and expense of your daily commute. Renting your home also tends to give you a home that is slightly above the home that you would buy for the same monthly payment. Many people also love the convenience of being able to call a landlord or maintenance company when something goes wrong. I would suggest checking with the Better Business Bureau in your are to see if there are any complaints involving your prospective landlord or property manager. Having a good landlord and/or property manager is a dream come true but having a bad one, or even just someone who is slow to take care of things, could be a nightmare.

There are many things to consider in the decision of whether to buy or rent your next home. The decision should not be made quickly or impulsively. Take some time and consider your own personal situation and lifestyle. If you desire that comfortable suburban lifestyle you should set a goal and work toward home-ownership; however, if you desire a more carefree lifestyle renting that cute apartment could be the way to go.

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