3 Benefits of Buying a Home vs Renting

ByAndria Varble

Apr 15, 2022 #Adams Cameron Real Estate Mls, #Alison Peters Real Estate, #Bob Leffler Real Estate, #Boulder Apartments Real Estate Management, #Burgan Real Estate, #Buying Real Estate In Loja, #Cheap County Clare Real Estate, #Croc World Real Estate, #Daniel Kamin Real Estate, #Dave Salmon Real Estate, #Desktop Backgrounds Real Estate, #Ewalk Real Estate Photos, #Healthcarfe Real Estate, #Hefner Real Estate Valdese, #John Ussery Real Estate, #Kashmere Gardnes Houston Real Estate, #Keating Real Estate California, #Klacik Real Estate Austintown, #Lakefront Real Estate Hickory Nc, #Lamar Roberts Real Estate, #Le Duff Real Estate, #Lisa Heiple Real Estate, #Longmont Real Estate Teams, #Ltd, #Michelann Real Estate, #New Denmark Nb Real Estate, #Nj Real Estate Mortgages, #Partners National Real Estate Group, #Pesnell Real Estate, #Photography Real Estate Sydney, #Property Real Estate Icon, #Real Estate Academic Map Fsu, #Real Estate Agents Bend, #Real Estate Brokers 02041, #Real Estate Express Colorado Reviews, #Real Estate Family Mitderer, #Real Estate Finance Solutions, #Real Estate Gazzen, #Real Estate In Paradise Nevada, #Real Estate On Carvan, #Real Estate Pecos Texas, #Real Estate Practice Exam Ky, #Real Estate Reaseatc Associstes, #Realuxe Real Estate Group, #Sarasota Real Estate Inventory, #Shannon Civils Real Estate License, #So Thomaston Me Real Estate, #Sunset How Real Estate, #Texas Sponsoring Real Estate Broker, #Thomasine Smith Real Estate, #Two Debbie Real Estate

If you’re moving to a new city, you may wonder whether you should rent or buy your next living space. Are there benefits of buying a home vs renting one? Read through our guide to learn more about the benefits of buying your home and why, for most people, buying is nearly always the superior choice.

How Location Factors Into the Benefits of Buying a Home vs Renting

Location can play a big part in your decision to buy or rent a home. If you are moving to a large metropolitan area like Los Angeles, the cost of living and the overall median price of homes is significantly higher than in the Midwest. You should decide what your future goals are and whether living in this location is sustainable long-term. In most locations, homeownership is significantly cheaper over time and affords you several advantages over renting. However, this might be less possible in some areas.

3 Benefits of Buying a Home vs Renting

There are a few advantages to renting: You won’t be held responsible for the building’s maintenance, you are free to move out after your lease term ends, and, in some areas, you may be able to sign a month-to-month lease after completing your initial term.

Renting is a great option for people who do not know their long-term plans. However, overall, homeownership outweighs these benefits if you know you will be living somewhere for at least three years. Consider these other benefits of buying a home vs renting.

1. You Can Do What You Want With the Space

When you rent a home, you must adhere to the building owner’s wishes. That means you may not be able to paint your walls, remodel your kitchen, or get a pet. Homeowners can do often whatever they want to their property as long as it is in line with their area’s building codes and HOA requirements.

2. Your Payments Remain Stable

When you rent, your landlord will typically raise the amount of your monthly rent to reflect the overall cost of living in your area. If you buy and choose a 30-year, fixed-rate mortgage, you have the guarantee that your payments will remain consistent for the term of your loan. There are often more financial benefits to buying a home vs renting long-term.

3. You Gain Pride 

One of the main goals of homeownership, for many people, is a sense of pride in owning their own living space. While many people in big cities rent well into their 30s (or perhaps for their entire lives), those in more rural areas may dislike the thought of paying a landlord for an apartment past their college years. If you wish to own your own home, there are many ways to work toward that goal.

Start House Hunting Today

The benefits of buying a home vs renting usually outweigh other factors, unless you plan to move in a couple of years, do not enjoy the city you are living in, or have other plans that leave your future up in the air.

Find top real estate agents in your area and compare home prices with Fast Expert’s agent directory. Start the search for your perfect home today!