To rent or to buy, that is the question. The ever present debate of folks looking for housing, should I rent or buy? There are pros and cons to either decision. We hope to help you do your research prior to making the decision for you and your loved ones.
Cork Valley Properties can help you with either decision that you make! Reach out to us to learn more about our rental properties or our traditional real estate offerings. Keep reading to learn about pros and cons of both renting and buying real estate!
I’m thinking of renting property…
Pros:
- Flexibility
- Renting allows the nomad to be flexible in their housing! Thinking that you’ll want to move to a different city in the next few years? Have a job that may require you to relocate in the near future? Renting allows you to do that. By not being tied down to a property, you can move around without having to sell a property and deal with the transaction.
- Repairs are paid for
- When living in a rental property, you are living in someone else’s home or building. As properties get older, they are in charge of paying for maintenance repairs such as new roofs, air conditioning units, and hot water heaters. These big ticket items are a headache for homeowners, but not for the renter.
Cons:
- Unable to Renovate
- Living in another’s home or building takes away your ability to renovate or re-decorate as you may like. This includes painting, changes to the integrity of the rental, or any other large projects. All of these changes would require a landlord’s approval.
- No Tax Benefits
- When you own a home, there are tax incentives when tax time rolls around. Being able to file for mortgage deductions or any other homeowner taxes is not existent for renters.
I’m thinking of buying property…
Pros:
- Full Creative Control
- Your house, your rules. If you want to tear down walls, paint in your favorite color, build a pool, have at it! As a homeowner, you have the ability to make the property 100% your own.
- Stability
- When making a big purchase, like buying a home, you gain a sense of purpose and stability in your choice. You now are apart of a community and a neighborhood. You have a new ‘hometown’ and are putting down roots. You also have stability in your monthly payment. When purchasing a mortgage, you know what your payment is going to be for the life of the mortgage and you can budget your life accordingly.
Cons:
- Financial Responsibilities
- When purchasing a home, you have two major financial differences from renting, the down payment and maintenance costs. As a future homeowner, depending on your mortgage, you can have a chunk of change that you must put down to secure it. Also, when anything in the home malfunctions, it is your responsibility to fix and pay for. Make sure to budget wisely to account for these potential emergencies!
- Difficulty to Move
- Those roots you create as a homeowner can make wanting to relocate harder. In order to move place to place, there are a few more steps a homeowner has to take to sell their home. There is a lot more preparation that goes into moving from a home that you own rather than rent.
Overall, the choice is yours! There are pros and cons to both renting and buying, but chat with your family or advisors to help you make the right decision for you and your lifestyle. If you have any questions for us and how we can help, contact us! We can help you find your next rental property or assist in the home buying process.