Deciding whether to own or rent can be a life altering decision for many potential homebuyers. Some buyers argue that owning a piece of the American dream is worth the responsibility of homeownership, but life-long renters enjoy the low stress and low maintenance lifestyle that renting offers. Discounted Moving knows that making the decision to own versus rent is important, that’s why we’ve broken down some pros and cons that may make your decision a little bit easier.[note note_color=”#efefef”]
To rent or not to rent?[/note]
Advantages to renting over owning
- Less Responsibility
- Not many additional costs besides rent
- Some rentals offer bundles
- Someone else handles the repairs
- You can invest additional income into other areas
- Only short term commitment necessary
When you rent, there are fewer responsibilities. You don’t have the weight of a mortgage to carry and leases can be maintained on a per month basis or extend to two to three years. Many apartments and homes for rent bundle their amenities to entice renters. Also the owner of the property is responsible for any repairs, so renters have little to worry about except making the monthly payment.
Disadvantages to renting over owning
- It isn’t your property so some restriction may apply
- You can’t share in any real estate profits
- No tax benefits
- You can be asked to leave anytime
A major disadvantage to renting over owning a property is that you are not free to make significant changes to the property without permission. You also can’t claim the property for your taxes. If you and the landlord get into a dispute or if they believe you are an unfit tenant for any reason, then you can be asked to leave.