Many people consider buying a home a better option than renting, but buying a house isn’t better for everyone, and unless you’re able to put down a sizeable chunk of money when buying the home, or unless you plan on staying in the home indefinitely, buying may not be a wise investment. These days, renting just might be the better way to go. Many personal factors should be considered when deciding on buying or renting a home, and although I don’t plan on every buying a home again, I must ad that buying can be better for some, but certainly not for all. It all depends on what you’re willing to give up, what you consider beneficial, and your ultimate goals that are truly attainable.
Selling and Profiting
Even those who purchased a home decades ago and want to move aren’t always fairing so well. Buying and selling is a vicious circle, and it definitely isn’t the better option these days. Realtor fees typically range anywhere from 5 to 7% of the selling price, and unless sellers plan on renting if their home should happen to sell, they’ll just have to turn around and spend the money they gained, if they gained anything. Those who bought their home decades ago will discover the money they earned will have to be spent to replace the home – even if they downsize. Also, buyers may be able to find the home of their dreams at a price they can actually afford in a buyer’s market, but good luck with selling the existing home. Trying to sell most definitely isn’t better than renting. In a buyer’s market, selling isn’t usually quick or easy – unless you’re willing to practically give the home away. Renting is less of a hassle and a better option since of course it isn’t necessary to sell when and if you decide to move. Renting provides invaluable freedom and peace of mind since you’ll never be stuck if you want to relocate.
A Homeowner’s Favorite Saying
How many times have you heard a proud homeowner exclaim that when renting, all renters have left at the end of the year is a box of rent receipts? Happy homeowners of course consider owning better than renting. Maybe you’ve made this claim yourself, but as a soon-to-be renter and a former homeowner, I have to disagree that buying is better than renting. Is the tax deduction you receive really worth the hassle and cost of buying and maintaining a home? You still have property taxes to pay, liability and structural insurance, and all of the other out-of-pocket expenses and aggravations that come with owning a home. Figure out how much your tax deduction really saves, and compare it to your ever-rising property taxes, insurance, and other out-of-pocket expenses. You may not feel quite as haughty after realizing how much you’re actually throwing away. Renting isn’t such a bad deal after all, and I consider it the better option.
I Can Do What I Want When I Own My Home
It’s nice that you can paint and wallpaper your home anyway you want, but contrary to popular belief, many rental companies these days allow renters to paint and wallpaper too. They simply have to prime the walls back to white before moving out. Gone are the days of renting apartments, townhouses, and duplexes with stark white walls and ugly worn-out flooring. Many rental homes have modern amenities, fireplaces, and carpeting in beautiful designer styles and colors. These days those who are renting are better able to personalize their homes, and enjoy the same freedom of decorating as those who are buying, but without all of the hassles that come with homeownership.
It’s My Property
Being able to say you own your piece of property is something to be proud of, but is it necessarily better? Unless you become unable to care for it without assistance, homeownership might be better. A yard or a garden full of weeds, and house that’s falling apart is nothing to be proud of. At age 36, I was afflicted with a physical condition that I’ve had my entire life but was formerly unaware of, and the simple act of pulling weeds results in days of agonizing pain. Once I move into my rented townhouse apartment, I’ll be able to sit back and relax under the shade of my private patio umbrella while sipping a glass of lemonade and watching someone else do all of the work on the beautifully landscaped grounds. I’ll still be able to have containers of flowers or vegetables if I so chose, and I can even plant what I want in my small private fenced-in back yard, but I’ll never again feel inclined to do so to impress my neighbors.
Expenses of Owning a Home
A new home may start out in great condition, but before buying a house, keep in mind that a home doesn’t take care of itself. When renting, all of the maintenance is covered by the rental company, and if the refrigerator, air conditioning, heat, or another working component of the home happens to quit operating, renters simply call up maintenance to have it replaced or the problem repaired. Those who are buying a house may have more than rent receipts at the end of the year, but they may also have repair receipts, many of which can be quite costly. Is that really the better option? I’d rather pick up the phone and call maintenance 24 hours a day, 7 days a week at no extra charge, than call out a repair person who makes $80 an hour or more on weekends, off-hours, and holidays. The tax break you gained will be wiped out in an instant when something goes wrong in the home.
Amenities and Benefits Without the Hassles
Do you have an in-ground swimming pool, a stocked pond, a tennis court, and a sauna? After I move into my rented townhouse apartment, I will, and I won’t have to pay the pool boy, repaint the lines in the tennis court, repair or replace the netting, stock and maintain the pond, or call a repair person to fix the sauna should something go wrong. In my opinion, this sounds like the better option. Sure I have to share it with other community residents while renting, but I play well in the sandbox, and I’ve never had problems with sharing. I’m looking forward to meeting new people and making new friends. I’ll gladly sit back and relax under the summer sun while enjoying all of these luxurious amenities that I would otherwise probably never have if I owned my own home.