Renting Vs Owning?
January 24, 2025 | Posted by: Sherry Corbitt
This is a question that everyone has to ask themselves when choosing to find their place. Both options can work well, yet it mainly depends on the individual. If you are planning on moving out and considering both options, take some time to think over some advantages and disadvantages.
Renting Advantages
Renting can undoubtedly be an excellent choice for many. It is a realistic choice for those who live alone or have a roommate. As well, it is very realistic to rent if you move a lot for work. When it comes to the costs, there are many ways how renting can save you money. You do not need to spend money on maintenance repairs, worry about down payments and real estate taxes when renting. Renting also provides amenities, which otherwise would not be provided when owning.
Renting Disadvantages
Although renting provides many advantages, there are also disadvantages. When renting, you pay a certain amount each month. This money spent is not going towards any ownership of the property. You will also have a fixed amount of money that needs to be paid each month to the landlord. This can take away the freedom of payments and can even cause a tight budget. There also can be specific rules that need to be followed when living in a rented property. Some examples can include not being allowed to renovate or decorate the property.
Owning Advantages
There are an abundant amount of advantages when you own your property. Owning your property includes having more privacy, along with the freedom to do what you wish with the property. When paying for the home, you can make stable monthly payments, which can help your budget. You usually have a good amount of freedom regarding how often to pay and how much to pay during each period. Having an owned property can also be a long-term investment, as most properties go up in value within time.
Owning Disadvantages
On the other hand, owning a property does have a handful of disadvantages. In the beginning stages of purchasing a house, there will be many upfront and downpayment costs. Such costs can be a challenge for buyers, especially those who are first-time buyers. Opposite to what was discussed with renting, you are responsible for paying for your maintenance costs. Finally, you cannot move around as quickly if you are attached to a property, so having a stable career is necessary.
When you examine the advantages and disadvantages of each option, you certainly will be able to make the right choice.
If you need any renting or owning advice, please feel free to reach out!
Sherry Corbitt, Mortgage Broker & Team
Sources
-Haury, Amanda C. (2021). 10 Reasons Why Renting Could be Better than Buying. Investopedia. Retrieved from https://www.investopedia.com/financial-edge/1112/reasons-renting-is-better-than-buying.aspx
-Morris, George (2020). Advantages and Disadvantages of Owning a Home. InCharge Debt Solutions. Retrieved from
