The old rent vs. buy conservation is typically skewed by the author. Both sides are easily debatable, but the truth is that it really depends on your situation. There’s no one-size-fits-all. At ResiHome, we typically see the arguments outlined below.
Pros of Buying
Buying can be favored because you can pay off and own your home 100% and thereby eventually remove monthly payments. Homes typically appreciate due to scarcity, which can offset any investments, maintenance, and taxation. And finally, tax credits help offset some of the cost of homeownership.
Pros of Renting
There are also solid arguments in favor of renting. When you rent, you are not required to pay the taxes and unexpected fees (HOA and Municipal) on the home. You are typically dealing with a fair exchange situation; a place to live based on market rents. There are no out of the blue costs for repairs, maintenance or other unexpected issues. Instead of coughing up the money for a new HVAC, your role is just to make the call!
Negatives of Buying
The negatives are also something to consider. Buying is tied to a more permanent timeframe. When you buy, it is very unlikely that you can turn around immediately and sell again with zero loss. A buyer must commit to a time period, so they avoid losing large amounts of money. Buying also requires knowledge of the market and an understanding of the local municipality (ie. taxation, regulation, and encumbrances). Overall, owning a home can be very expensive. Besides the obvious initial down payment, there are several costs associated with ownership; i.e. interest, taxes, insurance, maintenance, renovations, etc.
Negatives of Renting
For some, renting is not always the best choice. Some properties have restrictions that do not fit your lifestyle; ie. pets, rules (such as parking a work truck), etc. You should also consider who you are renting from. Are you renting from an individual or a well-established company?
At the end of the day, we believe that you should do what makes sense for you. And when you decide to rent, we know that our renters need real homes too! You need a real home with a yard for the dog and a front door for the trick-or-treaters. Our renters need homes in prime neighborhoods throughout the country, in varying price ranges, shapes, and sizes.
You’ll have a leasing department that works closely with a local real estate professional, who can share their local expertise, and assist you with the selection of a one-of-a-kind rental you can call home.
You’ll have the convenience of a resident portal where payments are made, maintenance requests are submitted, and updates can be easily viewed.
All these features can be found on the resihome.com website, where both future buyers and current renters may find that perfect home, and where everyone is welcome.