As with most things in life, there are pros and cons to both sides. As is the same with renting and buying a home. So lets lay out the two sides of the argument and a decision should be made according to your family's needs.
Mobility: The ability to move at any time is a clear advantage to renting, whether its a job transfer or family issue the option is there.
Short Term Savings: Combining low upfront costs, no selling costs and the fact that typically homeownership doesn't really start saving you money for 5 years, renting is a better option for a short term home.
Maintenance: When something goes wrong on a rental all you have to do is pick up the phone and call the landlord. Simple as that.
Satisfaction: Homeownership gives you a sense of accomplishment, independence, and pride. Everyone love to feel this way!
Stability: Knowing that you own that home gives you the feeling of stability. Where as, if you are in a rental, as much as you think that home is yours, it's not.
Equity: All this money you are pouring into this home upfront will come back and you will see it again, but those monthly rental payments are gone forever.
Control: You have complete control over your home. If you want to make that garage a music studio or paint the whole house bright pink, go ahead, you own it.
These are just several different pros and cons to buying and renting, it really comes down to each person's situation and needs. If you need any real estate advice, please dont hesitate to email me!
Buying or selling a home is a major life decision. It is imperative to
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