Deciding whether to rent or buy a home can be stressful. There are many factors to consider, including your lifestyle, personal goals, and financial situation. It’s important to note that there is not one answer when deciding whether you should buy or rent. Your situation is unique, and only you can make the best decision for yourself. With that said, here are some things to consider when determining whether you should buy or rent your next home.
Advantages of Buying
Stability of Homeownership
There is a certain sense of stability that comes with owning a home. Yes, you have responsibilities in maintaining the home to ensure it is well-kept, but you never have to worry about a landlord raising your rent or the building not being managed properly.
Sense of Pride and Accomplishment in Owning a Home
Although extraneous expenses are worth considering when buying a home, there’s nothing like being a homeowner. For many, owning a home is associated with positive emotions like pride and accomplishment in being financially stable enough to afford a home.
Tax Deductions
A financial consideration to owning a home is a variety of tax breaks and benefits. Though the benefits vary, it’s important to think about it, especially when you don’t receive these types of deductions when you rent.
Advantages of Renting
Flexibility
Flexibility is a huge factor to consider when renting. You often only need to sign a lease for 12 months, making it easier to relocate than if you owned your home. Renting may be the better option if you are looking for a relatively short-term living situation with minimal commitment.
Predictable Monthly Expenses
Another advantage to renting is that you can easily predict how much you will spend each month – unlike owning a home, where you may have unexpected expenses like roofing or piping issues.
Someone Other Than Yourself to Handle Repairs
When you rent, you have less responsibility in terms of handling repairs. You likely won’t have to call plumbers or other specialists to your rental unit because you’ll have a landlord or super who will tend to these repairs at no cost.