Are you better off renting or buying a property?

Are you renting, but considering buying your first home? There are a lot of factors to determine whether or not you’re ready to become a homeowner. Here are some of them.

Financial Considerations

When you are renting, you are paying to a landlord. However, when you buy a home, you are paying back yourself with every monthly payment. Renting is a good idea if you will only be in the area for a short time or if you don’t have the financial resources to put towards a home. If you are going to be staying somewhere long-term, have the resources available, and are ready for the upkeep and commitment, buying a home can be a great financial decision to build long-term wealth and equity. 

Lifestyle Decisions

As a homeowner, you have more freedom than as a renter. Paint the walls whatever color you want them to be, becuase you are your own land lord! And for pet owners, buying property can be less stressful than renting in at least one way. Many rental properties have strict no-pet rules that are impossible to get around. Once you’ve found the perfect apartment, you may be disappointed to learn your furry friend isn’t welcome. As a homeowner, you set the rules, so there’s nothing to worry about when it comes to your pup, preferences, or update decisions. 

Updates and Maintenance Choices

While you do get more freedom as a homeowner than as a renter, you do end up being the one paying the bills for this freedom. Often, a landlord will have a company to help fix leaking faucets, faulty caulking around the windows, and cracks in the pavement. In this way, as a renter, there is much less stress involved when it comes to maintenance, but this also means you don’t have much of a say in home upgrades. As a homeowner, you will have to make time and budget for repairs, but you also have full liberty to decide what upgrades and remodeling projects to take on and when to take them on.

If you feel like you are ready to buy a home, Contact Bankers Title & Bankers Closing Services to see how our closing process can make buying your first home seamless!  

Want to learn more about the homebuying process? Download our free Homebuying Guide!