Whether you’re teetering on the edge of renting a home or buying a home, here are some pros and cons for both:
Pros of Homeownership
- Homeownership allows you the privacy to carry on your home life without fear of a landlord sneaking around.
- Good Investment
- In most cases, buying a home is a good investment because homes typically increase in value and build equity.
- Pride in Ownership
- The home is yours! Get to know your neighbors and settle down!
- Tax Incentives
- Equity building
- Free to decorate as you please
- You can renovate that room or paint over that ugly blue color in your kitchen!
Cons of Homeownership
- Long-term Commitment
- When buying a home, find something you can see yourself spending the next 7-10 years in, typical mortgages are for 30-year terms
- Maintenance and Repair Costs
- The home is yours, along with its’ expenses, such as broken toilets and air conditioner repairs.
Pros of Renting
- Lower cost of living
- Your rent can sometimes cover utility costs, ultimately leading to a lower monthly bill.
- Shorter-term commitment
- The typical lease period is for 12 months, therefore you have the flexibility to move at the end of your lease or stay!
- Not usually responsible for expensive maintenance costs
- Most tenants are responsible for maintenance costs up to a certain dollar amount; after they reach that amount, the owner should take care of the rest.
Cons of Renting
- No tax incentives
- Pet deposits and other costs
- Sorry, you can’t own 37 cats, 12 birds, and 14 fish without paying for each one to live there too.
- Must keep the home in top shape so you don’t lose security deposit
- If there’s a hole in the wall, your landlord will subtract the damage’s cost of repair out of your security deposit.
- Rely on someone else to fix things
- If the toilet breaks, you have to wait until the homeowner or landlord can send someone to fix it for you.
- No equity building
Buying your own home is a big step! With Melton Realty Partners, the #1 Keller Williams Realty Augusta Partner team, we make it easy to decide what your best options are. We can walk you through your home buying options step-by-step to ensure that you are buying the home of your dreams. Visit us online today to view all of our current listings!