Should You Rent or Buy Your Home?

Many people have a preference between renting or buying when looking to move homes, and there are pros and cons to both options. The question of, “Should you rent or buy a home?” is a valid one. It pays to weigh up your options and make a decision that has the most benefit for you and your family.

How long are you planning on living there?

One of the first factors to consider when making this decision is how long you are planning to live in the house. If you are looking at only spending a short period of time, perhaps just a year because of work commitments or maybe a few months whilst helping out a family member nearby, then renting might be a more suitable option. The process is much faster than buying and it is more beneficial when you are planning on staying a shorter time period.  For something more long term, you would benefit more financially from buying a property.

Buying

Provided that you have no problems in securing a mortgage, buying your home is usually a cheaper option in terms of monthly repayments. When renting, not only are you most likely paying the landlords mortgage, but you are also paying extra so that they can make a profit. If you would prefer something that is more affordable month to month, then buying is the better option. However, it is important to note that the initial cost of buying is considerably higher than renting due to the legal fees, deposit and upfront costs.

Renting

For those who are looking for a more flexible option, renting is definitely the way forward. With the option of varying types of contracts, you are pretty much free to move about at will. When you buy a house and then feel like a change or have a change in your financial circumstances, the process is a lot more complex, time-consuming and expensive.

Pros and Cons

Buying a house can be considered a major investment. If you are looking for something that will ensure your financial security for years to come, or if you are looking to gain an asset to pass down to your children, then buying is definitely the way to go. Once you have paid off your mortgage or paid for the house upfront if you have the money to do so, the property belongs solely to you.  This means that you are free to do with it as you please. Many people like the idea of having a tangible asset such as a house to leave to their loved ones once they are no longer here.

Renting a home can be a good option for those who wish to have the comfort of living in a beautiful home but do not wish to have to tackle repairs or maintenance on the property. If you lead a busy lifestyle and simply do not have the time for home repairs, renting is an ideal solution as this type of work remains the responsibility of the landlord.

Buying or selling a home can be a stressful time, to say the least. However, it does not have to be that way. If you are looking to buy or sell a property and would love an easy, hassle-free experience, why not give JAM Properties, LLC a call. We offer a range of real estate solutions and are ready to answer any questions you may have. Give us a call today at 949-438-4343 and we will be happy to help you with your real estate needs.