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Buying vs. Renting: Which is Right for You?

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There are benefits to both buying and renting a home. The reality is that the decision often comes down to which scenario best fits your lifestyle and future goals. What you’re looking for will be different when you’re in your early 20’s than it will be in retirement years. Overall, though, there are some constants that are true for both owning and renting.

 

Benefits of Owning Your Own Home

 

For those who’ve never owned a home, the process seems intimidating but in reality, it’s easy when you work with one of our New Home Specialists. With a little research about your financial situation, buying your own home is likely within your grasp. What are some of the benefits of owning a home that renting doesn’t offer?

 

  • Pride in Ownership. There is a level of pride that comes with owning your own property.
  • Equity. While your primary home should not be viewed as a savings account, it is still an asset which you can borrow against. When you’re renting, your monthly rent simply goes to the landlord.
  • Control. When building a new home, you have full control to personalize it to suit your lifestyle. Then later on down the road, you can update your home on your terms, whether you want to remodel a room or tear out full walls. The choices are completely yours, without needing to get permission from a landlord.
  • Stability. Owning a home means that it’s yours for as long as you wish to live there. In a renting situation, there may be variables, such as a landlord who wishes to sell the property, which you have no control over.
  • Budget. Owning your own home is often cheaper than renting. While this is not always true, most homeowners find that their mortgage is less than their monthly rent was, especially with today’s rising rental rates. Not to mention the stability in the monthly payment. Your mortgage is a fixed payment, when rent can go up at any time.

Benefits of Renting a Property

 

There are also benefits to renting properties for those who are not ready to commit to a purchase. Some of those include:

 

  • Short-term Commitment. If you’re not financially ready to commit to a property, renting might be a good stepping stone. Leases are typically one year long, which gives you time to find a place you love for a longer residence.
  • Maintenance-Free. One thing that renting offers that home ownership doesn’t is the fact that the landlord is responsible for all of the maintenance. If a faucet doesn’t work, you call the landlord to fix it. In a home, you have to pay for the repairs yourself. This can be less costly and far less hassle, though you are at the mercy of when the landlord has time rather than your own schedule. You also often don’t get a choice of the type of replacements the landlord does to the property – for instance, replacing that 1970’s cracked tile with an uglier 1980’s version he found in a garage sale.

 

In the renting situation, a lot will depend on the type of landlord you have. Some can be great at letting tenants pick their own colors to paint, others will insist on white walls and no nail holes.

 

Ready to Ditch Your Lease? Smith Douglas Homes Can Help

 

If you’re ready to take the first step in purchasing your home, Smith Douglas Homes is ready to help you find the perfect home for your lifestyle. Whether you’re looking to purchase your first home, need to move into a bigger space to accommodate your growing family, or are looking to down-size now that all of your children have left the nest, our dedicated team of New Home Specialists is ready to get you into the right home for your needs. Check out our available communities and contact us today for more information.