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Rent or buy? The Choice is yours!

Is it better to rent or buy?

Have you been wondering about renting vs buying a home? Choosing to rent an apartment or buy a home is a big decision, and we’re here to help! The good news is there are many advantages of renting and buying. The choice is yours, and it just depends on your financial and lifestyle preference. Check out the benefits you will enjoy by renting an apartment or owning a home to see which is right for you!

What are the financial differences?

Renting offers flexibility, foreseeable monthly expenses, and someone to handle home maintenance. The flexible lifestyle means your money is not tied up in a long mortgage loan, and you have the freedom to move when your lease expires. Once you have signed your lease, your monthly budget will be stable, including the fact that you will not have unforeseen maintenance expenses.

Homeownership is a bit different. A mortgage payment is not as flexible, but there are intangible perks to owning your home. It offers a sense of stability, independence, and pride of homeownership. There are also tangible benefits like tax benefits and home equity. Owning your own home can be more unpredictable for budgeting as homeowners may spend thousands of dollars yearly on repairs and upgrades, but you will own your home.

A couple of quick notes to consider. You may have heard that renting means you’re "throwing away money,” but this is simply not true. You are paying for a place to live and services offered by the community you live in. When it comes to owning, your home will most likely increase overtime, but it depends on the housing market and how well you take care of it.

What kind of lifestyle are you looking for?

Do you enjoy the lock-and-go lifestyle and having more free time? Do you like to see the world, or are you required to travel frequently for work? If so, you may enjoy renting. The fact that lawn work and maintenance is covered, even while you’re away, means you have more freedom to live the life you choose.

Do you like the reward of a job well done? With homeownership, there are always projects, from the typical honey-do list to mowing the lawn. Even if you are hiring out these tasks, it will take time and money to get them done. If you are looking for responsibility, weekend projects and renovations, and the pride that comes with homeownership, then buying may be for you.

Let’s compare some of these side by side. Renting vs buying a home.

When renting, you can move with ease. In the short term, renting is usually less expensive than owning. If you plan to move within a couple of years, renting can provide a smaller commitment. Renting also gives you time to plan before making big decisions. Buying is a long-term commitment, but with each mortgage payment, you work toward full homeownership.

Renting has fewer upfront costs with no down payment or closing costs. It provides predictable monthly expenses, as you are paying for a place to live and services offered by your landlord. Homebuying does require upfront payments, but you have tax advantages. Some of the costs of owning a home, such as property taxes and interest paid on a mortgage, are tax-deductible. After some time, you may also be able to cash in on appreciation, known as equity.

When renting, your repairs are taken care of. One of the biggest perks of renting is that you never have to worry about surprise repairs or the costs of home maintenance. When you own your home, you are responsible for these costs, but you do have the freedom to make these repairs or renovations however you please. Your home can be improved or upgraded any way you choose.

Renting offers a more flexible lifestyle - no yard work, freedom to come and go and sometimes a community full of amenities. Homeownership offers a sense of pride, individuality, and stability.

We hope you find this information helpful as you continue your home search. At HHHunt, we offer home choices designed for how you live – whether that’s an apartment home, townhome, condo or single-family home. No matter your stage or phase of life, we’ve got you covered with a convenient lifestyle and wonderful amenities in the most sought-after locations in Virginia, North Carolina, South Carolina and Maryland.

Remember the choice is yours because it’s how you live that matters.

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Because it's how you live that matters®