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Owning Versus Renting: The Pros & Cons

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

  • Privacy
    • 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!

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