Buying or renting are the two primary housing options in the United States, but knowing if you should rent a home or buy a home isn’t always as easy as it seems. While homeownership is the goal for many people, it’s not the right choice for everyone.
Continue reading to learn more about the two options to help you decide which situation is best for you.
Should I rent a home?
Let’s start with the perks of renting. Here are a few of the benefits of renting your home instead of buying one:
- No maintenance: Homeownership comes with a ton of added chores to keep the house in tip-top shape. That’s not the case when you rent. As a renter, your landlord or property manager handles all necessary general maintenance and lawn care.
- No repairs: Even the most well-maintained houses need repairs every now and then. Whether it’s an electrical issue or a leaking pipe, you could have a big hassle on your hands as a homeowner. Again, your property manager can either make repairs themselves or pay to have a professional do it.
- More flexibility: When you buy a home, you’re locked into living in one place for quite a while unless you’re able to sell your house. That’s not the case for renters! After your lease is up, you’re free to move wherever you want without the hassle of finding someone to buy your house.
- Amenity access: Depending on your rental property, you may have access to a community pool, gym or clubhouse that you wouldn’t have if you owned a house. Those perks definitely play a factor when you’re choosing to rent or buy.
Should I buy a home?
While renting certainly has its upsides, you can’t discount the benefits of buying your own home. These are a few of the top reasons to consider homeownership:
- Equity: A rent check just goes into a landlord’s pocket each month, but when you pay your monthly mortgage, you’re building equity in your home. If you look at it that way, a home is just as much of an investment as it is a place to live.
- Customization: Many people want to customize their living space to showcase their personality and make it more comfortable. Renters are often restricted with that, as landlords don’t often like when their renters make customizations. Homeowners, on the other hand, are free to do whatever they please.
- Tax breaks: You don’t gain anything on taxes with rent payments—the money spent still counts as reportable income—but you can get tax breaks with your mortgage because a mortgage and property taxes are both deductible. You can get further tax breaks for things like home offices if you’re smart when filing your taxes.
What we can do for you
Whether you want to rent or buy a home, talk to our team at Valley Executives Real Estate & Property Management LLC. We’re committed to helping our clients find the perfect new home or rental property to meet their needs. Call today to speak to our team of experts.