Overview

Buying is not always the best choice and you should weigh the pros and cons versus renting and only buy when it makes absolute sense for your current financial and lifestyle situation. Below are some of the benefits to consider for continuing to rent versus buy.

More Flexibility

Renting allows you to move much more easily when your lease is up. Rent is great for short-term needs, especially if you are moving frequently due to jobs. Also, if you are not 100% certain here you want to live, renting allows you to test out a new community to determine if you like the lifestyle and amenities before making the big investment into purchasing a home and having buyer’s remorse.

Less Responsibility

As a renter, you are not responsible for the property maintenance for the most part (some renters do take care of yard maintenance). When you rent, you get to pick up the phone and call the landlord to come out and fix any issue at no cost. On the flip side, being a homeowner comes with all the responsibility of the maintenance and repair of the property. Buying an older property may present itself with a series of very expensive repairs that can financially set you back. Homeowners need to make sure they always have an emergency fund to cover repairs and maintenance that go beyond any home warranty or insurance plan.

More Certainty

When you sign a lease, you are agreeing to a set amount of rent for each month whereas homeownership can come with the unexpected expense as outlined in the additional responsibility above. Renters, however, do give up the opportunity to customize and invest into their home and make it truly their own.

Summary

At the end of the day, it’s a very important decision to decide where you are in your life and if buying makes more sense versus renting. The average buyer takes 6-12 months from the time they begin contemplating purchasing their home to the time they actually close on a transaction. Take your time and prepare, there will always be a home out there waiting for you.