Buying and renting a home each have their pros and cons. There isn’t a clear answer because the choice to rent or buy depends on your personal situation. Financially, the costs and benefits are not always clear at first glance. Overall, buying vs. renting depends on what you have planned for your future!
Perks to Buying
One of the clear benefits of buying a home is building equity for yourself. If you can qualify for a home loan, your monthly payment is toward lowering your mortgage instead of going to a landlord. Your home becomes an investment as well as a roof over your head.
There are fewer restrictions when you buy a home. You can customize it as you please without fear of fines or losing your security deposit. Paint as many rooms as you want, hang shelves, and don’t stress over small damages.
It’s possible to receive tax benefits when you buy a home. Homeowners can deduct mortgage interest, property tax payments, and other expenses from their federal taxable income. Look into the details to see what deductions you qualify for!
Perks to Renting
When you rent a property, you have the flexibility to move anywhere you want! You could rent month to month, on a year-long cycle, or how you and the landlord see fit. Many young people prefer to rent because they are not locked down to one location for the near future. Renting allows a more flexible lifestyle than buying.
As a renter, it is not your responsibility to keep up with major home maintenance projects. For example, if the roof needs to be replaced, it isn’t your problem as a renter. Other repairs like broken appliances can be fixed with a simple call to the landlord. Renters should be sure to find a responsive landlord who will fix the issue as soon as possible. A property that is poorly maintained can be a nightmare, so renters should do their research before signing a lease.
Access to Amenities
Depending on the property, there could be amenities included with the property, Some larger apartment buildings have dog parks, inground pools, and fitness centers available for use. These amenities on their own could cost some money. For example, if you were to get a gym membership outside of the apartment building. Perks like building amenities are an incentive for people to rent units at certain locations.
Consider Your Options
There isn’t a right answer to whether you should buy or rent a property. Whichever you choose, you are not held to that decision forever. People who rent can buy homes later, and people who buy homes can end up selling them and renting. Consider your five-year plan and current financial situation to make the decision that’s best for you right now. Browse rentals in the Greater Augusta area or search properties for sale.
Contact Blanchard and Calhoun Real Estate to further discuss your situation and whether buying or renting is right for you!