Renting vs Buying a Home
At HHHunt, we believe it’s how you live that matters and know it’s not easy deciding whether to rent or own your home. We’re here to help! For 55 years, HHHunt has provided our customers with a better way of life through our Apartment Living and New Homes divisions. So, is it better to rent or buy? The good news is that there are many advantages of renting and buying. A lot of factors go into this decision, so we have put together this easy-to-use guide to help you along your journey. You can also check out this helpful video from the HHHunt Ask Our Experts series.
At the core of the home search process is having an idea of what you want. Everyone wants to live in an environment that makes their lives more fulfilled. The key here is narrowing down what that means to you. Here are some questions to ask yourself:
- New Friendships: Are you looking to meet new people or build lasting friendships? All our apartment home communities host regular get-togethers for residents to meet one another. However, apartment residents also tend to be more transient. If you are looking to build lasting relationships, a new home might be the right fit. Many of our new homes are in master-planned communities including those by HHHunt Communities that also include lifestyle events to get to know your neighbors.
- Lock-and-Go: Do you prefer and/or live a lock-and-go lifestyle? One of the biggest considerations when selecting a home is how much time you have available for upkeep. The fact is that a new home, even our low-maintenance homes, will require maintenance regularly.
- Projects and Renovations: 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.
- Amenities: Do you want amenities like a pool, walking trails, and gyms? Amenities are a popular consideration when selecting a home. All our apartment home communities and most of our new home communities feature a wide selection of amazing amenities. Use of those amenities is built into the cost of your apartment rent. In a new home community, the amenities must be paid for with monthly HOA fees.
- Flexibility: Do you want to move with ease? 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.
Many people make their decision on whether to rent or own a home based on their professional careers. For example:
- Job Transition: Where are you in your professional career? If you’re looking for a new job within the next twelve months, renting might be a good solution in case you need to relocate. However, if you’re comfortable in your current job, homeownership might be the right solution.
- Commuting: Are you comfortable with a long commute, or do you prefer living where you can easily walk to bike to work? Most of our apartment home and new home communities are easily accessible to major employers in their respective markets.
- Travel: Do you travel frequently for work? If so, you might find renting is a good option and turn to our award-winning maintenance teams to keep your apartment home maintained. That being said, many new home options also work well for individuals who travel regularly.
Financial considerations are often top of the list when deciding on whether to rent or own. Here are a few of the biggest questions:
- Down Payment: Can I afford the down payment on a new home? You won’t have to worry about paying a hefty down payment when you rent an apartment home. Pricing is transparent for the term of your lease. Some home buyers, including those with VA loans, will not need to worry about hefty down payments either when purchasing a new home. While homebuying requires upfront payments, you will have tax advantages. Some of the costs of owning a home, such as property tax and interest paid on a mortgage, are tax-deductible.
- Monthly Budgeting: What will my monthly home costs look like? When you sign a lease agreement at one of our apartment communities, your monthly costs are clearly outlined in the lease so there are no surprises. When you purchase a new home, you will also know exactly what your mortgage payment is every month. However, you will be responsible for monthly maintenance costs which can vary.
- Savings: Will renting or owning help me save for the future? The reality is that homeownership does help you build savings. Each month you are paying more and more principal. This is money you can tap into for a home loan or even use it towards the purchase of a new home when you sell your existing home.
The Choice is Yours!
There is no right or wrong answer when it comes to choosing whether to rent or own. It all depends on what makes the most sense to you! 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.