There are few people who can buy a house as soon as they reach adulthood. Most of us start out by renting an apartment or house when it’s time to leave our original nest. In time, however, you may find yourself wondering if it’s better to rent or buy a home?
A Sense of Community
When you rent a home you are only putting down temporary roots. While you may live in a nice neighborhood, you will most likely never form bonds with your neighbors because you are aware that you’ll just be moving on at some point. You are less likely to join community watch programs and attend neighborhood wide events.
As a home owner, you have a different outlook on your neighborhood. You have an invested interest in the life of your community. For this reason, you will get to know your neighbors and become involved in the community. This sense of community gives you a stronger foundation and a sense of wellbeing that being a renter doesn’t.
If you have traveling feet, then renting might be right for you. If you are at a point in your life where connections, lasting friendships and community involvement is something you’re interested in developing, then buying a home is the right choice for you.
Stability and Peace of Mind
When you rent a home you are never really secure and stable. At any moment, your landlord can choose to sell the property or just not renew your lease. You have no concrete say in the neighborhood or your environment because you are temporary.
As a home owner, you have the stability of a home that is yours. You have peace of mind that your home is going to be there for years to come. Since you make the mortgage payments, there are no leases to worry about renewing.
Because you are a home owner in the neighborhood, you have a greater influence on decisions made in the community. You have more impact on the environment around your home. If feeling secure and having a sense of stability is a key to your peace of mind, then buying a home is a good choice.
With Peace of Mind Comes Responsibility
While there is a sense of stability in owning your own home, you are responsible for the cost and upkeep of your property. As a home owner, you are in charge of mowing the lawn and doing the landscaping. You will have to cover the cost of all repairs and upgrades. There are yearly property taxes and insurance to be paid. You're in charge of home security.
As a renter, you pay your monthly rent and the landlord is usually responsible for repairs. They may cover lawn care, as well. Keep in mind, however, that this puts you at the mercy of someone else’s list of priorities. Your leaky faucet or broken down air conditioning unit may not rank high on your landlord’s list of things to accomplish. You most likely won’t be getting any upgrades to your living spaces. Landlords normally paint and clean carpets only after the current tenant leaves. Don’t expect any extra sprucing up on your place until after you’ve moved out.
If you aren’t concerned with lengthy repair times or interior upgrades, then renting may be for you. If you’re ready for the responsibility that gives you a sense of stability, then buying a home is a good choice.
Paying Rent vs. Paying Mortgage
Make no mistake about it, when you pay rent you are paying a mortgage. The thing to remember is that the mortgage you’re paying belongs to your landlord. Each month you pay your rent, you are paying someone else’s mortgage. That puts things in perspective, doesn’t it?
If you would rather be paying your own mortgage and increasing your financial worth, then buying a home is a wonderful idea. If you are content with helping your landlord increase his financial worth, then renting is the thing for you.
To Rent or To Buy, That is the Question?
For those who move a lot, renting is an understandable choice. Some people have to rent because of financial reasons, and many of them are working hard to fix things so they can own a home.