It’s tough moving. Leaving behind what one is used to and trying to carve out a new, better life, somewhere else is always going to be a daunting task.
This goes especially regarding how one picks out a home to live in. Should you rent an apartment to live in or should you end up just buying a house outright?
Thus, the goal of this post is to make such a decision easier! We’ll list the pros and cons of both sides so one can make a fair and rational judgment on the matter!
Rent
The Pros
- For those who are moving into the country, and don’t quite have an occupation that allows for a high, steady income, renting is a viable choice until one acquires the funds before transitioning.
- No maintenance or repair bills! If something were to break down, like the plumbing or lighting, then the burden of repairs goes towards the landlord to fix rather than oneself – which is certainly a burden lifted from those who are on quite the budget and would struggle to fix them. In addition, utilities like heat or electricity would likely be on the low-end scale given the usage as well.
- Options concerning areas! Buying a house is pretty much a long-term commitment to staying in just one area and can become an expensive upkeep later on in life. While one can move out of a house, doing so won’t be the easiest thing in the world with all the baggage concerning putting the house up for sale and renovations attached to it. In contrast, renters have an easier time going for practically any area that they desire, assuming it’s affordable.
The Cons
- Fluctuating rent prices are something to consider. Landlords always have the option to raise the rent prices for their tenants if desired (usually to help cover the price of rising costs) so those with a tight income, might find themselves having to move to someplace cheaper.
- When you rent an apartment you will have to abide by the landlord’s rules. Some of these rules might end up being that one can not bring along their trusty pets. Others might be strict on the time duration and how often visitors may be allowed on their complex or have a no-tolerance policy towards the noise. This lack of control might not suit well with those who prefer living how they see fit.
- Limited space is another factor to consider as well. Granted, not all rented space tends to be on the small side, but it’s also not uncommon for those to find themselves in something that could barely qualify for a walk-in closet, yet that being the only thing they could find or afford.
Buying
The Pros
- One of the big perks of owning your own home is the autonomy granted to it. Unlike being under a landlord, who can go as far as to ban pets or what you can do, one can generally do what they want in their own home without fear of repercussions from another party. As long as it’s legal anyway. Decoration? Music? Just wanting more privacy in general? Owning your house grants you that in spades in comparison to renting it from someone.
- Another good aspect of home ownership is essentially consistent prices when it comes to paying it off. Renting can be quite the turmoil for a multitude of people with rising prices constantly putting strain on tenants, but for house owners, their mortgage payments typically tend to be around the same price that one started at.
- Owning a house can also be a long-term investment. The housing market grows in value every year and the price of one’s own home goes up with it. What would have been worth $50,000 may skyrocket to over $100,000 in a spawn of a few years. Overall, it’s a good reason to stick with a house if you’re willing to play the long game for essentially an eventual great payout.
The Cons
- One of the downsides of house ownership is the upkeep that goes along with it. Renovations? Damages caused by yourself or an outsider? Maybe one of your pipes just plain doesn’t work? That all has to be settled and it’s on the owner to properly fix it.
- Another price to pay for owning a house is that, in exchange for long-term stability, it is also stuck in that location. Meaning that if some golden opportunity arises, but it requires you to be in another town over, one has to go about the hefty process of selling off a house that would have likely taken one a deal trying to acquire in the first place.
- Finally, in regards to a house being a long-term investment, it is also worth noting that there’s also a chance that, perhaps, it might not work out. Property values can take a serious hit during times of crisis, like say a pandemic plaguing the world, those rates you’ve been hoping for can go way down as a result. Thus, paying attention to current events is highly vital before opting to get your payment down the line.
These were just a few tips one could take regarding deciding whether it would be worth trying to buy a house or thinking that renting is the way to go. Ultimately, such a decision comes down to what you truly think is best for yourself for the future. Hopefully, it’s a decision you can be satisfied with!