Renting vs. Buying a Home: Which is Better?

When considering whether to rent or buy a home, there are many factors to mull over. One of the most important factors is your future job stability, as this will also impact how much you need to allocate per month for housing as well as whether you’ll want to be stuck paying a mortgage forever.

a white concrete house

If you’re not sure what the best course of action is, don’t worry — we’ve got you covered! Keep reading for more on the comparison between buying a home and renting one.

First off, let’s discuss the advantages of renting a property.

Renting is Often Cheaper

You may have heard that paying rent is cheaper than obtaining a mortgage. Depending on the size of your home and the monthly payment, this may or may not hold true. While renting a home, you don’t have to worry about paying property taxes or other legal costs. However, you’ll have to worry about covering those expenses when you buy a house.

You Can Move Anytime

If you’ve ever been in a lease period before, you know how liberating it can be to renew the contract every year and move from one location to another. When you own a property, things aren’t so easy. Renting gives you more freedom to move around, while buying a house takes away that option.

You Don’t Have to Worry About Repairs

One of the biggest disadvantages of owning a home is having to repair and maintain it yourself. However, the landlord will pay for all the repairs when you rent a house.

gray and white concrete houses

Now let’s look at some of the advantages of owning your property!

You get to call it home

It’s a great feeling to finally be able to call the place you live in YOUR house. With furniture, decorating, and outdoor landscaping, you can make it your own. The more personal touches you add, the better! And when you start thinking about mortgages and taxes, those costs will seem like a bargain in comparison to renting!

Save on rent

Not only will you be saving a few dollars on your rent bill, but you can also use this money to make improvements that will raise your property values! No need to move every two years anymore when you can add value to your property.

Increase in value

Another great benefit is that houses tend to appreciate in value over time. A house can be a great investment! You could even rent out a unit for extra income if necessary! With a fixed mortgage payment, it’s not hard to increase your cash flow over time.

Find a Home in Tennessee

If you’re not sure whether you want to buy a property or rent one, Coldwell Banker can help you out. They’re a residential real estate franchise in Columbia, TN, and can help you find your next home. Their Realtor agents help you locate the best options and search properties for you in Tennessee.

If you’re looking for residential real estate agents to buy a new home, connect with them today.

Categories: Estate Planning,Real Estate

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