As of the first quarter of 2021, approximately 65.6% of Americans live in homes they own. The rest of the population rents places to live.
If you’re not sure what to do about your living situation, you might be asking: should I rent or buy?
Choosing between renting and buying is a tricky decision, but you can learn more by reading this guide that explains the pros and cons of both options.
The Pros and Cons of Buying a House
Is it better to rent or buy? The answer depends on the person and their situation. Here are some of the benefits and disadvantages of buying a house.
Pro: It’s Yours
Buying a house provides a way to have a place to live that is all yours. Owning a home provides a sense of pride and satisfaction and also represents a great investment.
Pro: You Won’t Have a Landlord
When you own a house, you won’t have a landlord handing out rules. Instead, you’ll be the boss of your home, allowing you to have more freedom.
Pro: You Can Build Equity and Reap Tax Write-Offs
Owning a house also gives you the opportunity to build equity in it and reap tax write-offs. Both of these are significant benefits offered by purchasing a home.
Con: You’re Financially Responsible
One of the downsides is that you’ll be responsible for paying all the bills. When things break, you’ll have to pay the repair bills. Some of these repairs can be incredibly costly.
Con: You’re Less Flexible If You Want to Move
Another downside is that you’ll have to sell the house if you ever decide to move. You don’t have the option to just up sticks and leave.
The Pros and the Cons of Renting a House
You might also want to learn about the pros and cons of renting a place to live when asking: should I rent or buy a house?
When you rent a house, you will have a landlord controlling what you do at the property. You won’t be able to make changes to the rental property, and you might not be able to do much to the unit.
Another con of renting is that you might not have much space. Rental properties are generally smaller than homes.
One benefit of renting is that you’ll have fewer expenses. Another benefit is that you’ll have fewer responsibilities. If these factors are important to you, renting might be the best option.
As you decide whether to rent or buy a house, you might want to view rental properties in your area to see what’s available.
Should I Rent or Buy? Consider Your Situation Before Deciding
You can consider so many different factors when asking: should I rent or buy?
It’s a smart move to consider every vital factor, too. Buying a house is a life-changing event, so you should make sure you’re ready before going through with it.
If you enjoyed this article, you might enjoy other articles on our blog. You can check it out to learn more about buying and renting homes.