Renting Vs Buying A Home
Buying a home can be a wonderful experience! Whether you are thinking about purchasing your first home or you’re wondering what the right step is for you, you should be aware of all the pros and cons before making your final decision.
Things to Consider When Buying A Home
When you go to purchase a home with help from The Reed Team – or any other agent, you are going to need a number of upfront costs. While some of these are paid out of pocket, others are paid when the deal on the house closes.
Costs to think about when buying a home:
- Down Payment
- A Home Appraisal
- Home Inspections
- Property Taxes
- The First Year Of Homeowners Insurance
- Other Fees:
- Lender and owner title insurance
- Transfer taxes
- Closing fees
- Credit report fee
- Recurring Payments:
- Mortgage
- Utilities
- Maintenance
- Upgrades
- Repairs
- Moving Fees
- Furniture a home
- Cost to move/ cost of moving truck company
- Renovations
This is a dizzying list of costs, but you also have to think about ALL the benefits.
The Benefits of Buying A Home
Purchasing a home is all about having the freedom to change the aesthetics, functions, and features of the home. Of course, you’ll need to brush up on zoning laws and get permits, but you can do anything to the home if you go through the proper channels. Here are just a few of the top benefits of owning a home.
- Unlike a rental, you can paint or customize a home when you own it at your own discretion rather than being confined by the terms of your lease
- Expand the home with additional rooms or outside spaces.
- Change how the outside of the house looks.
- Remodel your home.
- Privacy
- Build and increase your credit.
Things to Consider When Renting A Home
I know that the upfront costs of buying a home seem like a lot. But, one of the reasons so many people think about renting a home is that they think it will be less expensive. While it’s not as expensive as purchasing a home, there are still quite a few costs of renting a home. Not to mention the fact that you rent it so you aren’t able to do the same things that a buyer is allowed to do.
Costs for renting a home:
- A Security Deposit
- First Months Rent Paid Upfront
- Pet Fees
- Moving Costs
- Monthly Costs:
- Pet fees
- Rent
- Renters insurance
- Utilities and more
The Benefits Of Renting A Home
While this does seem like a large amount of money to simply rent a home, renters also have their own list of pros to renting a home rather than buying a home.
- Zero responsibility for repairs and maintenance
- No need to worry about the real estate market
- Utilities might be included depending on your landlord.
You might feel even more confused than when you started to read this. Really, it all comes down to what you find to be the most important thing. If you don’t want any responsibility but you also want less freedom, renting is going to be a good option for you.
On the other hand, if you want freedom and don’t mind being responsible for a home and all its needs buying a home might be the better option for you.
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