Renting vs. Buying

When deciding on a new home you have a variety of options. What is a good size, what is the ideal location, what is my budget and most importantly, should I rent or should I buy? Making the decision between renting and buying is not an easy one. There are pros and cons for each option, and it’s a decision to take seriously because of the amount of money involved. Let’s talk about some of those pros and cons to help you decide what’s right for you.

Cost 

One of the biggest factors that comes into play when discussing renting versus buying is the cost. At the end of the day you could end up with a mortgage that’s the same price as your rent. However you have to consider all the additional costs that go into buying. When you buy you need a large chunk of change upfront for your down payment. When renting you will need to pay things like deposits and move in fees but the upfront cost is much less. 

Maintenance 

One of the great things about home ownership is it’s all yours! However that can also be a downside. When something breaks in a home you own it’s your responsibility to find a trusted professional and get it fixed. Home repairs can come with a lot of headache, cost and anxiety. When you are renting, the majority of repairs are going to be covered by the company you lease from and they have professional repairmen onsite. We have repairmen on-call after hours for any emergencies you may have.

Amenities

When you buy a home you buy the building, the land and whatever is on it. You aren’t getting much else besides that. If you want extra amenities like a gym or a pool you have to go out and find one and then pay a membership fee. When you rent you are a part of a community that comes with all those things and more built right into the cost of your rent. 

Commitment 

When you look to buy a house there’s no guarantee you’ll live there forever but you should be prepared to at least stay five years. However, not everyone knows what life will look like in five years. You may need more space or to be closer to work, and with a house you are kind of stuck with your choice. When you rent you have the option to change your situation every time your lease is up. Need an extra bedroom? Move into a larger unit. Moving to a new area? When your lease is up you’re free to move on no need to deal with the hassle of selling a home. When renting a home, your neighbors go through the exact same screening process as you do. However, with buying a home, the screening process can vary depending on who’s selling the home.

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At the end of the day we all want a nice place to call home and maybe that’s a rental or maybe that means purchasing a home. If renting is in the cards for you we would love to make South Pointe Apartment and Homes your new home with our beautiful rental apartments and houses. Give us a call today and see what we have to offer.